Arcutis secures $225M non-dilutive debt facility; FDA accepts NDA for roflumilast cream (PDUFA July 2022)

Arcutis Biotherapeutics, Inc.

$75M drawn at closing; additional $125M available upon FDA approval of roflumilast cream for plaque psoriasis; $25M upon revenue milestones.
Loan maturity January 2027; interest-only period for entire five years; floating rate = 7.45% + 1M SOFR.
FDA accepted NDA for roflumilast cream (psoriasis) with PDUFA target action date of July 29, 2022.
Proceeds extend cash runway into 2024; non-dilutive financing from SLR Capital Partners.
Loan secured by substantially all assets; prepayment premiums of 3%/2%/1% declining over time.

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