Arcutis Biotherapeutics plumbs new depths on $100 mln stock offering

Arcutis Biotherapeutics

20/10/2023 11:45

** Shares of Arcutis Biotherapeutics  ARQT.O  down ~18.2% to
$2.48 premarket after co's overnight follow-on prices
    ** Stock on Thurs slid 6.2% to $3.03, marking record low
close
    ** Biopharma focused on immuno-dermatology late Thurs
announced 40 mln shares, including 7.5 mln pre-funded warrants,
at $2.50 for $100 mln raise
    ** Earlier this month, U.S. FDA allowed expanded use of
ARQT's topical cream, Zoryve, to treat adults and children with
plaque psoriasis
    ** ARQT has ~61.6 mln shares outstanding
    ** Through Thurs close, shares have lost ~80% YTD
    ** Morgan Stanley, TD Cowen and Guggenheim acting as
bookrunners for stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))