Arcutis Announces Closing of Public Offering of Common Stock and Full Exercise by Underwriters of Option to Purchase Additional Shares

Company Overview - Arcutis Biotherapeutics, Inc. is a commercial-stage biopharmaceutical company focused on immuno-dermatology, addressing the needs of individuals with immune-mediated dermatological diseases [5] - The company has a growing portfolio that includes two FDA-approved products and a robust pipeline targeting various inflammatory dermatological conditions such as scalp and body psoriasis, atopic dermatitis, and alopecia areata [5] Recent Offering - Arcutis announced the closing of its underwritten public offering of 18,157,895 shares of common stock at a price of $9.50 per share, resulting in total gross proceeds of approximately$172.5 million before deductions [1] - The offering included 2,368,421 shares issued upon the exercise of the underwriters' option to purchase additional shares [1] - Morgan Stanley, TD Cowen, and Guggenheim Securities acted as joint lead bookrunning managers for the offering, with Mizuho and Needham & Company serving as co-lead managers [2] Regulatory Compliance - The shares were offered pursuant to an effective shelf registration statement on Form S-3 filed with the SEC on January 31, 2024, with a final prospectus supplement available on the SEC's website [3]