Arcutis Biotherapeutics Raises $192.5 Million In Upsized Offering

by Vandana Singh, Benzinga Editor

February 3, 2021 6:57 AM | 1 min read | Make a Comment

Arcutis Biotherapeutics Inc (NASDAQ: ARQT) has priced its upsized underwritten public offering of 5.5 million common shares at $35 per share, with expected gross proceeds of $192.5 million. The company had proposed an offering worth $150 million earlier.
Underwriters have an option to purchase up to an additional 825,000 shares.
Net proceeds will be used to fund the development of its multiple programs, including ARQ-151, ARQ-154, ARQ-252, and ARQ-255 programs, filing of the marketing application for ARQ-151 in psoriasis, approval and commercial launch for ARQ-151 in psoriasis, and the remainder for working capital and other general corporate purposes.
The offering is expected to close on February 5.
ARQT shares are marginally higher by 0.03% at $36.11 in the pre-market session on the last check Wednesday.

Posted In: Biotech News Offerings Small Cap General

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