Benzinga | Feb 3, 2021 06:57AM EST

Arcutis Biotherapeutics Raises $192.5 Million In Upsized Offering

* 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.