RTTNews | Oct 2, 2020 09:57AM EDT

09:56 Friday, October 2, 2020 (RTTNews.com) - Shares of Arcutis Biotherapeutics, Inc. (ARQT) slipped nearly 15% on Friday morning. The company announced it has made a secondary offering with 4 million shares of its stock.

ARQT is currently trading at $23.63, up $4.00 or 14.46%, on the Nasdaq.

Westlake Village, California-based Arcutis, which focuses on skin treatments, plans to offer 4 million shares at offering price of $25.00 per share to raise $100 million in proceeds. In conjunction with the offering, the company will sell $35 million in stock to OrbiMed Advisors, an affiliate of one of its directors, in a private placement.

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