Arcutis Biotherapeutics Announces Pricing of Public Offering of Common Stock
WESTLAKE VILLAGE, Calif., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (“Arcutis”) (Nasdaq: ARQT), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced the pricing of its underwritten public offering of 7,500,000 shares of its common stock at a public offering price of $20.00 per share, representing a premium to the closing price of $19.50 per share on August 2, 2022. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Arcutis from the offering are expected to be $150.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, and assuming no exercise of the underwriters’ option to purchase additional shares. Subject to the satisfaction of customary conditions, the offering is expected to close on August 5, 2022.
Arcutis intends to use the net proceeds from the offering, together with its existing cash, cash equivalents, restricted cash, and marketable securities, to fund the continued development, approval and commercialization of our multiple programs, including commercial launch for ZORYVE, and the remainder for working capital and other general corporate purposes, including hiring of additional personnel.
Morgan Stanley, Cowen and Guggenheim Securities are acting as bookrunning managers for the offering. Cantor and Mizuho Securities are acting as lead managers for the offering.
The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission (the “SEC”) on February 1, 2021. A final prospectus supplement and accompanying prospectus relating to and describing the final terms of the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov or my be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at [email protected]; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, New York 10017, by telephone at (212) 518-9658, or by email at [email protected]
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, 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.
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