Fenwick & West represented Arcutis Biotherapeutics, Inc., a privately held clinical-stage biopharmaceutical company focusing on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, in its $94.5 million Series C financing.
The financing was led by HBM Healthcare Investments, and additional new investors included Vivo Capital, funds and accounts managed by BlackRock, Omega Funds, Pivotal BioVentures and Goldman Sachs. New investors accounted for more than 50% of the total Series C investment. In addition, existing investors, including Frazier Healthcare Partners, Bain Capital Life Sciences, OrbiMed and RA Capital Management, provided continued strong support and accounted for the remainder of the Series C proceeds.
Arcutis plans to use the financing to fund Phase 3 clinical development of its lead product candidate ARQ-151, a topical cream formulation containing roflumilast, in plaque psoriasis. In addition, it plans to fund continued development of ARQ-151 in atopic dermatitis. More information about the financing can be obtained from the company’s announcement.
The Fenwick transaction team included corporate partner Matthew Rossiter and associates Elizabeth Federowicz and Myles Gutenkunst.