Arcutis Biotherapeutics Inc., of Westlake Village, Calif., said it completed a $94.5 million series C financing led by HBM Healthcare Investments, with new investors 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. Existing investors included Frazier Healthcare Partners, Bain Capital Life Sciences, Orbimed and RA Capital Management. Proceeds will be used to fund phase III development of lead candidate ARQ-151, a topical cream formulation containing roflumilast, in plaque psoriasis. In addition, Arcutis plans to fund continued development of ARQ-151 in atopic dermatitis. In connection with the financing, Alexander Asam, investment advisor of HBM Partners, has joined Arcutis' board. Since its founding in 2016, the firm has raised more than $160 million.
Lygenesis Inc., of Pittsburgh, said it completed $4 million in private financing of convertible notes from investment firm Juvenescence Ltd. and Longevity Vision Fund. The financing will support the company's lead program in liver regeneration and progress it into clinical development, beginning with a phase IIa trial for patients with end-stage liver disease in 2020. The company's organ regeneration technology platform enables a patient's lymph nodes to be used as bioreactors to regrow functioning ectopic organs.
Nordic Nanovector ASA, of Oslo, Norway, said following its private placement, the share capital increase of 5.51 million new shares, each with a nominal value of NOK0.20, to be issued in tranche 2, has been registered in the Norwegian Register of Business Enterprises. The company now has an issued share capital of NOK12.12 million (US$1.32 million) each with a par value of NOK0.20.
Tracon Pharmaceuticals Inc., of San Diego, said it entered a common stock purchase agreement with Aspire Capital Fund LLC that has committed to purchase up to $15 million of shares of the company's common stock during a 30-month period. Tracon will control the timing and amount of any further sale of shares of common stock to Aspire Capital. As consideration for Aspire Capital's obligations under the agreement, the company issued 1.42 million shares of common stock to Aspire Capital as a commitment fee.