Arcutis Biotherapeutics Announces Closing of Public Offering and Concurrent Private Placement of Common Stock
October 06 2020 - 4:05PM
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.
Concurrent with the completion of the public
offering, Arcutis sold to OrbiMed Advisors, LLC, an affiliate of
one of the Company’s directors, 1,400,000 shares of its common
stock in a private placement exempt from the registration
requirements of the Securities Act of 1933, as amended, at a price
per share equal to the public offering price. The gross proceeds
from the private placement were $35.0 million.
Goldman Sachs & Co. LLC, Cowen and Company,
LLC, and Guggenheim Securities, LLC are acting as bookrunning
managers for the public offering. Truist Securities, Inc. and
Cantor Fitzgerald & Co. are acting as lead managers for the
public offering.
A registration statement on Form S-1 relating to
the securities being sold in the public offering has been filed
with the Securities and Exchange Commission (the “SEC”) and became
effective on October 1, 2020. The public offering was made only by
means of a prospectus. Copies of the prospectus relating to the
offering may be obtained from Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY, 11717, Attention: Prospectus Department, by telephone at (833)
297-2926, or by email at PostSaleManualRequests@broadridge.com; or
Guggenheim Securities, LLC, Attention: Equity Syndicate Department,
330 Madison, 8th Floor, New York, NY 10017, by telephone at (212)
518-9658, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com. You may also
obtain these documents free of charge by visiting the SEC's website
at www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Arcutis - Bioscience,
applied to the skin.
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is
a late-stage biopharmaceutical company focused on developing and
commercializing treatments for unmet needs in immune-mediated
dermatological diseases and conditions, or immuno-dermatology. The
company is leveraging recent advances in immunology and
inflammation to develop differentiated therapies against
biologically validated targets to solve persistent treatment
challenges in serious diseases of the skin. Arcutis’ robust
pipeline includes four novel drug candidates currently in
development for a range of inflammatory dermatological conditions.
The company’s lead product candidate, topical roflumilast, has the
potential to revitalize the standard of care for plaque psoriasis,
atopic dermatitis, scalp psoriasis, and seborrheic dermatitis.
Contact:Heather Rowe
ArmstrongVice President, Investor Relations & Corporate
Communicationsharmstrong@arcutis.com805-418-5006, Ext. 740
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