Arcutis rises on US FDA's expanded use nod for skin disease drug

Arcutis Biotherapeutics

10/07/2024 12:45

** Shares of drugmaker Arcutis Biotherapeutics  ARQT.O  rise
4.6% to $10.5 premarket 
    ** Company late on Tuesday reported U.S. FDA's expanded use
approval for a low dose version of its topical drug to treat
patients six years of age and older with mild to moderate atopic
dermatitis (AD)
    ** AD, or eczema, is a chronic disease that causes
inflammation, redness and irritation of skin
    ** The drug, branded Zoryve, is expected to be available by
the end of July
    ** Zoryve is already approved in the U.S. to treat skin
conditions, seborrheic dermatitis and plaque psoriasis
    ** The approval expands Zoryve's estimated total addressable
market by roughly more than ~2.6 million - brokerage TD Cowen
    ** As of last close, stock has more than tripled YTD 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))