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Arcutis Biotherapeutics sets price range for Nasdaq IPO

Arcutis Biotherapeutics Inc. plans to sell 7,812,500 common shares at a price between $15 and $17 per share in its planned IPO.

The Westlake Village, Calif.-based biopharmaceutical company has granted the underwriters an option to buy up to an additional 1,171,875 shares.

Arcutis, which is focused on developing and commercializing treatments for skin diseases such as plaque psoriasis, atopic dermatitis, eczema and seborrheic dermatitis, plans to list its shares on the Nasdaq Global Select Market under the symbol ARQT.

Certain of the company's existing stockholders and their affiliated entities, including stockholders affiliated with certain directors, have indicated an interest in purchasing about $50 million worth of common shares in the IPO.

The company expects net proceeds of about $113.3 million from the offering, or about $130.7 million if the underwriters fully exercise their option to purchase additional shares, based on an assumed offering price of $16 per share.

Arcutis plans to use the proceeds from the IPO to fund the development of its experimental drugs ARQ-151, ARQ-154 and ARQ-252.

ARQ-151 is being developed to treat plaque psoriasis, while ARQ-154 is a topical foam formulation of ARQ-151. ARQ-252 is a topical janus kinase type 1, or JAK1, inhibitor for the treatment of hand eczema and vitiligo — a disease that causes the loss of skin color in blotches.

Goldman Sachs & Co. LLC, Cowen and Co. LLC, Guggenheim Securities LLC and Cantor Fitzgerald & Co. are the underwriters for the IPO.