ARQT - Arcutis Bio secures $225M in non-dilutive debt financing from SLR Capital

Arcutis Biotherapeutics (NASDAQ:ARQT) has obtained a $225M term loan facility from funds managed by SLR Capital Partners. This additional capital further strengthens Arcutis’ balance sheet in advance of a potential 2022 FDA approval and launch of topical roflumilast cream in plaque psoriasis, and three clinical data readouts in atopic dermatitis, seborrheic dermatitis, and scalp psoriasis. This non-dilutive financing commitment extends the Company’s cash runway into 2024. Under the terms of this loan facility, $75M was drawn at closing, and an additional $125M becomes available upon FDA approval of roflumilast cream for plaque psoriasis. An additional $25M is also available if certain revenue milestones are achieved. The loan facility maturity date is January 2027, with the interest-only period extending for the entire five years. FDA has accepted Arcutis Bio's new drug application for roflumilast cream for psoriasis.

For further details see:

Arcutis Bio secures $225M in non-dilutive debt financing from SLR Capital