Arcutis Seats Former AbbVie Chief Medical Officer Rob Scott On Expanded Eleven-Member Board
The skin-disease drugmaker added a seat for Scott, 73, whose AbbVie tenure included more than 14 major approvals, the company said.
Arcutis Biotherapeutics, which develops and sells treatments for skin diseases, added a seat to its board, taking it from ten directors to eleven, and filled it with Dr. Robert Scott, 73, a former AbbVie chief medical officer. The appointment took effect Friday, and the company announced it Wednesday.
A Class II seat through 2028
Scott joins as a Class II director, with a term running to the 2028 annual meeting of stockholders. He also sits on the board's Nominating and Corporate Governance Committee, and the board determined he is independent under SEC rules and Nasdaq listing standards.
As a non-employee director, he received an initial stock option award covering 20,507 shares, which vests in three equal annual installments. He is also eligible for a prorated annual equity award fair valued at about $350,000, split 65% to options and 35% to restricted stock units. Cash pay is a prorated share of a $50,000 board retainer plus $5,000 for committee service.
From AbbVie's pipeline to Arcutis
Scott was AbbVie's chief medical officer and head of development from April 2016 until he retired in April 2020. In the company's release, Arcutis said he was responsible for about 40 new molecular entities and 4,000 team members there, and that AbbVie won more than 14 major approvals in his tenure, including Skyrizi and Rinvoq.
Before AbbVie he was a vice president of global development at Amgen, where the company credits him with the approval of Repatha. He also held roles at Pfizer, and from 2012 to 2016 he served on an FDA advisory committee for cardiovascular and renal drugs. He now sits on the boards of four private biotech companies: Confo Therapeutics, Draupnir Bio, Oncospherix and Variant Bio.
CEO Frank Watanabe said Scott's "deep experience taking novel medicines from development through approval will be invaluable as we advance our pipeline."
The business he is joining
Arcutis's lead product is Zoryve, a once-daily, steroid-free topical medicine built on roflumilast. It is approved in the United States as a cream and a foam for plaque psoriasis, atopic dermatitis and seborrheic dermatitis. The company is also developing ARQ-234, a fusion protein for atopic dermatitis.
Scott pointed to "strong adoption of ZORYVE" and a pipeline of potential new indications and a novel biologic.
Arcutis management is scheduled to hold a fireside chat at the Guggenheim healthcare conference in Boston on Tuesday, November 10, at 10:30 a.m. ET.
Sources
- 8-K Filing — Arcutis Biotherapeutics, Inc. (ARQT) — SEC EDGAR
- Exhibit exhibit991prrobscottmdbo.htm — Arcutis Biotherapeutics, Inc. 8-K exhibit — SEC EDGAR
- Arcutis Appoints Rob Scott, MD to Board of Directors — globenewswire.com
- Arcutis Management to Present at the Guggenheim 3rd Annual — globenewswire.com
