Arcutis Biotherapeutics Announces Closing of Public Offering and Concurrent Private Placement of Common Stock

WESTLAKE VILLAGE, Calif., Oct. 06, 2020 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, today announced the closing of its underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $25.00 per share, before underwriting discounts and commissions. All of the shares in the public offering were sold by Arcutis. The gross proceeds from the public offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Arcutis, were $100.0 million. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Arcutis’ common stock at the public offering price less the underwriting discounts and commissions.