Arcutis Biotherapeutics, a private immuno-dermatology drug development company in Westlake Village, has completed a $94.5 million Series C financing round, according to a statement from the company on Monday.

The company plans to use the proceeds to fund Phase 3 clinical development of ARQ-151, a topical cream to treat plaque psoriasis. Funds will go toward continued development of ARQ-151 to treat atopic dermatitis.

More than 50 percent of the financing round was from new investors to the company, including Vivo Capital, BlackRock, Omega Funds, Pivotal BioVentures and Goldman Sachs.

In connection with the Series C funding, Dr. Alexander Asam joined Arcutis’ board of directors. Asam is an investment advisor with Switzerland-based HBM Partners. Its fund HBM Healthcare Investments led the Series C funding for Arcutis.

Arcutis has raised more than $160 million in investment capital since its founding in 2016.