Arcutis Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Share...
February 04 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 initial public offering of 10,781,250 shares of its
common stock at a price to the public of $17.00 per share, which
includes 1,406,250 shares sold upon full exercise of the
underwriters’ option to purchase additional shares of common stock.
The shares began trading on The Nasdaq Global Select Market on
January 31, 2020 under the symbol “ARQT.” Arcutis received gross
proceeds, before deducting underwriting discounts and commissions
and other estimated offering expenses payable by Arcutis, of
approximately $183.3 million.
Goldman Sachs & Co. LLC, Cowen and Company,
LLC and Guggenheim Securities, LLC acted as bookrunning managers
for the proposed offering. Cantor Fitzgerald & Co. acted
as lead manager for the offering.
Registration statements relating to these
securities have been filed with the Securities and Exchange
Commission and became effective on January 30, 2020. The offering
was made only by means of a prospectus. A copy of the final
prospectus relating to the offering may be obtained from Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, NY 10282, or by telephone at 866-471-2526, or by
email at prospectus-ny@ny.email.gs.com; or Cowen and Company, LLC
at Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY, 11717, Attention: Prospectus Department, or 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, 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 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. Arcutis exploits recent
innovations in inflammation and immunology to develop potential
best-in-class therapies against validated biological targets,
leveraging our deep development, formulation and commercialization
expertise to bring to market novel dermatology treatments, while
maximizing our probability of technical success and financial
resources. Arcutis is currently developing three novel
compounds (ARQ-151, ARQ-154 and ARQ-252) for multiple indications,
including psoriasis, atopic dermatitis, seborrheic dermatitis and
eczema.
Contact:
John W. Smither
Chief Financial Officer
jsmither@arcutis.com
Investors and Media:
Derek Cole, President
Investor Relations Advisory Solutions
720.785.4497
derek.cole@IRadvisory.com
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