Arcutis Biotherapeutics draws $125 million tranche B term loans

By Marisa Wong

Los Angeles, Aug. 2 – Arcutis Biotherapeutics, Inc. began a drawdown on July 29 of the tranche B-1 term loan of $50 million and tranche B-2 term loan of $75 million available under its previously disclosed loan and security agreement with SLR Investment Corp., according to an 8-K filing with the Securities and Exchange Commission.

As previously disclosed, the availability of the tranche B term loans was subject to the delivery to SLR of satisfactory evidence of the approval by the U.S. Food and Drug Administration of roflumilast cream for an indication relating to the treatment of patients with plaque psoriasis.

On July 29, the company announced that the FDA approved Zoryve (roflumilast) cream 0.3% for the treatment of plaque psoriasis, including in intertriginous areas, in people 12 years of age or older. With such approval, the company made the drawdown and intends to use the proceeds to continue clinical development activities and commercialization efforts for Zoryve and for other working capital and general corporate purposes.

The loans are scheduled to mature on Jan. 1, 2027, if not repaid sooner.

Arcutis is a Westlake Village, Calif.-based medical dermatology company focused on unmet needs in the treatment of immune-mediated skin diseases.

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