Summary by Moomoo AI
On February 28, 2024, Arcutis Biotherapeutics, Inc., a Delaware-incorporated biopharmaceutical company, announced the entry into an underwriting agreement with Morgan Stanley & Co. LLC, Cowen and Company, LLC, and Guggenheim Securities, LLC, acting as representatives of the underwriters. The agreement pertained to a public offering of 15,789,474 shares of common stock at $9.50 per share. Additionally, the underwriters exercised an option to purchase 2,368,421 additional shares on February 29, 2024. The transaction was completed with the delivery of shares on March 4, 2024, resulting in net proceeds of approximately $161.6 million for Arcutis after accounting for underwriting discounts, commissions, and estimated offering expenses. The company plans to allocate the net proceeds towards the commercialization, development, and approval of its programs, including potential launches in atopic dermatitis and scalp psoriasis, expansion within psoriasis, as well as for working capital and other general corporate purposes. The offering was conducted under a shelf registration statement and included a preliminary prospectus supplement filed with the SEC on February 28, 2024, and a final prospectus supplement filed on March 1, 2024.