Arcutis Biotherapeutics Announces Closing of Underwriters’ Over-Allotment Option in Connection with Public Offering of Common Stock

WESTLAKE VILLAGE, Calif., Feb. 16, 2021 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (“Arcutis”) (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, announced that it has completed the sale of an additional 825,000 shares of common stock, pursuant to the exercise in full of the overallotment option granted to the underwriters in connection with the Company’s recently completed underwritten public offering of 5,500,000 shares of common stock, at the public offering price of $35.00 per share, less underwriting discounts and commissions. After giving effect to the sale of these additional shares, a total of 6,325,000 shares of common stock were sold in the offering, for aggregate gross proceeds of approximately $221.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Arcutis.