Arcutis jumps after US FDA approves skin disease drug

Arcutis Biotherapeutics

18/12/2023 11:06

** Shares of Arcutis Biotherapeutics  ARQT.O  rise ~24.2% to
$3.03 premarket 
    ** Co announced late on Friday that the U.S. Food and Drug
Administration approved its drug to treat a skin condition
called seborrheic dermatitis in individuals 9 years of age and
older  
    ** ARQT plans to commercially launch Zoryve foam by the end
of January  
    ** The approval makes the drug, roflumilast foam branded as
Zoryve, the first topical drug for the condition with a new
mechanism of action in over two decades -ARQT    
     ** Seborrheic dermatitis, a common, chronic and recurrent
inflammatory skin disease, affects more than 10 million people
in the U.S. -ARQT
    ** Zoryve, in a cream formulation, is approved in the U.S.
as a topical treatment of plaque psoriasis in patients 6 years
of age and older
    ** Guggenheim analyst Seamus Fernandez estimates Zoryve
revenues of $30.8 million and $94 million in 2024 and 2025,
respectively, for the seborrheic dermatitis indication
    ** Up to last close, stock down 83.5% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))