Arcutis shares rally in after-hours trading on FDA approval

FDA approved concept. Rubber stamp with FDA and medicine. — Bet_Noire

Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) rallied 20% in after-hours trading Friday on news that the FDA had approved the company’s drug Zoryve, also known as roflumilast, for the treatment of seborrheic dermatitis in people aged 9 years or older.

The FDA approved the product, which is a steroid-free topical foam, with no limitations on duration of use. Arcutis said Zoryve is the first drug with a new mechanism of action approved for the condition in over two decades.

Arcutis said it plans to make the product available in the US by the end of January. The product is also approved for the treatment of plaque psoriasis.