Arcutis Secures $225M Debt Financing To Fund Potential Launch Of Roflumilast

Arcutis Biotherapeutics Inc ARQT has obtained a $225 million term loan facility from SLR Capital Partners (SLR). 

• This additional capital further strengthens Arcutis' balance sheet before a potential 2022 FDA approval & launch of topical roflumilast cream in plaque psoriasis and three 2022 pivotal data readouts in skin disorder trials. 
• Related: Arcutis' Roflumilast Cream For Psoriasis Goes Under FDA Review.
• This non-dilutive financing commitment extends the Company's cash runway into 2024.
• Under the terms of this loan facility, $75 million was drawn at closing, and an additional $125 million becomes available upon FDA approval of roflumilast cream for plaque psoriasis. 
• An additional $25 million is also available if certain revenue milestones are achieved. The loan facility maturity date is January 2027.
• Price Action: ARQT shares traded 1.29% higher at $18.78 on the last check Thursday.