Fresh from $94.5M crossover round, Fra­zier-groomed der­ma­tol­ogy biotech shoots for $100M IPO

Back in Oc­to­ber, when Fra­zier Health­care Part­ners took the wraps off their lat­est der­ma­tol­ogy play, few had heard of Ar­cutis Ther­a­peu­tics. But ex­ecs are quick­ly chang­ing that, fol­low­ing up a $94.5 mil­lion Se­ries C crossover round with a pitch for $100 mil­lion in IPO cash.

It is per­haps fit­ting for Ar­cutis to claim the sec­ond S-1 fil­ing of the decade. The biotech isn’t do­ing any­thing ground­break­ing, per se; rather, the idea is to de­liv­er top­i­cal for­mu­la­tions of known drugs — from well-es­tab­lished drug class­es — there­by plug­ging a gap be­tween in­ef­fec­tive top­i­cal treat­ments and ex­pen­sive in­jecta­bles.

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