By Ben Glickman
Shares of Arcutis Biotherapeutics rose late Friday after the company’s treatment for a skin condition was approved by the Food and Drug Administration.
The stock was up 18% to $2.89 in after-hours trading, following a 3.9% drop at Friday’s close. Shares are down about 84% this year.
Zoryve topical foam has been approved for the treatment of seborrheic dermatitis, a skin condition which mostly affects the scalp, the Westlake Village, Calif.-based dermatology company said.
A cream form of Zoryve was already approved by the FDA for the topical treatment of plaque psoriasis in patients 6 years of age and older. Net product revenues for the cream were $8.1 million in the third quarter, Arcutis reported last month.
Arcutis said it plans to make the topical foam widely available by the end of next month.
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