[ad_1]
WESTLAKE VILLAGE, Calif., December 23, 2021 (GLOBE NEWSWIRE) – Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an advanced biopharmaceutical company focused on developing significant innovations in immunodermatology, today announced that it has secured a $ 225 million term loan facility from funds managed by SLR Capital Partners (“SLR”). This additional capital further strengthens Arcutis’ track record ahead of potential approval in 2022 from the Food and Drug Administration (FDA) and the launch of roflumilast topical cream in plaque psoriasis, and before three critical clinical data readings in 2022. in atopic dermatitis, seborrheic dermatitis, and psoriasis of the scalp. This non-dilutive financing commitment extends the Company’s cash flow path until 2024.
“We are delighted to have SLR Capital Partners with us ahead of a year of transformation for Arcutis,” said Frank Watanabe, President and CEO of Arcutis. “This additional funding further strengthens our balance sheet at an attractive cost of capital and provides us with increased financial flexibility as we prepare for the potential launch of roflumilast cream in 2022, while simultaneously advancing our product candidates through multiple clinical trials of advanced stage, our mission to bring innovative treatments to dermatologists and millions of patients with serious skin diseases.
“SLR is delighted to be a long-term partner with Arcutis as they advance topical roflumilast in a number of pivotal Phase 3 development programs and prepare for a commercial launch,” said Anthony Storino, Manager of Life Sciences Finance at SLR. “We believe topical roflumilast has the potential to transform the standard of care in many skin conditions, and this significant capital commitment represents that belief and our commitment to fund life science companies at all stages of development. “
Under this loan facility, $ 75 million was drawn at closing, with an additional $ 125 million becoming available following FDA approval of roflumilast cream for the treatment of plaque psoriasis. An additional $ 25 million is also available if certain revenue milestones are met. The maturity date of the loan facility is January 2027, with the interest-only period spanning the entire five years. The loan facility is secured by the assets of the Company.
J. Wood Capital Advisors LLC acted as financial advisor to Arcutis, and Latham & Watkins LLP acted as legal counsel to Arcutis.
Further details regarding the debt financing agreement will be filed with the Securities and Exchange Commission on a current report on Form 8-K.
About SLR Capital Partners
SLR Capital Partners, LLC (“SLR Capital Partners”) is an SEC registered investment adviser that invests primarily directly in leveraged US mid-market companies in the form of cash flow and premier secure investments. rank based on assets. SLR Capital Partners manages over $ 8 billion in investable capital, most notably as an investment advisor to two publicly traded business development companies, SLR Investment Corp. and SLR Senior Investment Corp. SLR Capital Partners’ life sciences finance business provides stage finance solutions for biopharmacy, medical devices, diagnostics, healthcare IT and healthcare service companies, both private and public sector funded by venture capital, and from pre-income clinical stage to early commercial stage. For more information, please visit
https://www.slrcapitalpartners.com/Financial-Solutions/Life-Science-Finance
About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a medical dermatology company championing significant innovation to meet the urgent needs of patients living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent challenges of dermatology patients, Arcutis leverages our unique dermatology development platform coupled with our dermatology expertise to create differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions, with an NDA under review with the FDA and three scheduled Phase 3 clinical data readings from by the end of 2022. The company’s primary program, topical roflumilast, has the potential to advance the standard of care for plaque psoriasis, atopic dermatitis, scalp psoriasis and seborrheic dermatitis. For more information visit www.arcutis.com or follow Arcutis on LinkedIn and Twitter.
Forward-looking statements
This press release contains “forward-looking” statements, including, but not limited to, statements regarding the potential for approval of roflumilast for the treatment of adults and adolescents with plaque psoriasis, the potential use of the cream. roflumilast over a long period of time, or chronically, the possibility of using roflumilast cream anywhere on the body, including the face and sensitive intertriginous areas, the possibility of roflumilast advancing the standard of care in plaque psoriasis and other inflammatory skin conditions, the timing of the potential commercial launch of roflumilast cream and the expected expansion of the Company’s cash flow track. These statements involve substantial risks, uncertainties and other known and unknown factors that may cause our actual results, levels of activity, performance or achievements to differ materially from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that could cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings and our ability to defend our intellectual property. For a more detailed description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with the United States Securities and Exchange Commission (SEC) on February 16, 2021, as well as our subsequent deposits with the second. We assume no obligation to revise or update the information contained in this document to reflect events or circumstances in the future, even if new information becomes available.
Contacts:
Media
Amanda Sheldon, Head of Corporate Communications
[email protected]
Investors
Eric McIntyre, Head of Investor Relations
[email protected]
[ad_2]
Source link
