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Biopharmaceutical company Arcutis plans $100M IPO on Nasdaq

Arcutis Inc. is planning an IPO of up to $100 million of its common stock on the Nasdaq Global Select Market.

The Westlake Village, Calif.-based biopharmaceutical company is focused on developing and commercializing treatments for skin diseases such as plaque psoriasis, atopic dermatitis, eczema and seborrheic dermatitis.

Arcutis plans to apply to list its common stock on the Nasdaq Global Select Market under the symbol ARQT.

The company — headed by Frank Watanabe as president and CEO — 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.

Proceeds raised from the offering will also be used for working capital and general corporate purposes.

Asset management companies Frazier Life Sciences VIII LP and Orbimed Pvt. Investments VII LP own 36.9% and 15.1% stakes in Arcutis, respectively.

Goldman Sachs & Co. LLC, Cowen and Co. LLC and Guggenheim Securities LLC are the book-running managers, while Cantor Fitzgerald & Co. is the lead manager for the IPO.