Pear Therapeutics, Inc. ("Pear" or the "Company") today announced that it closed a credit facility for up to $50 million from Perceptive Advisors ("Perceptive"), a leading life sciences investment firm. In connection with the financing, Pear issued warrants to Perceptive, and Sam Chawla of Perceptive received board observer rights.
Pear intends to use the proceeds for working capital, repayment of existing debt, and general corporate purposes, including commercialization activities for the Company’s three FDA-authorized prescription digital therapeutics (PDTs).
"This financing allows us to increase investment in our commercial products at an attractive cost of capital," said Corey McCann, M.D., Ph.D., President and CEO of Pear Therapeutics. "We are pleased to have the support of Perceptive Advisors and look forward to having Sam Chawla join our Board meetings."
"Perceptive is delighted to provide growth capital to support Pear’s commercialization strategy at this exciting time in its evolution," said Sam Chawla, Portfolio Manager of Perceptive Advisors. "With three authorized products and a pipeline of product candidates, Pear represents a unique opportunity in the digital health space. It is well-positioned as healthcare transitions to remote models where patients receive care anytime, anywhere. We look forward to participating in the Company’s growth."
Armentum Partners served as the Company’s financial adviser in connection with this financing.
About Pear Therapeutics
Pear Therapeutics is the leader in prescription digital therapeutics, or PDTs. Pear aims to redefine medicine by discovering, developing, and delivering clinically validated software-based therapeutics to provide better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers. Pear has a pipeline of products and product candidates across therapeutic areas, including the first three PDTs with disease treatment claims from FDA. Pear’s lead product, reSET®, for the treatment of substance use disorder, was the first PDT to receive marketing authorization from FDA to treat disease. Pear’s second product, reSET-O®, for the treatment of opioid use disorder, was the first PDT to receive Breakthrough Designation. Pear’s third product, Somryst™, for the treatment of chronic insomnia, was the first PDT submitted through FDA’s traditional 510(k) pathway while simultaneously reviewed through FDA’s Software Precertification Pilot Program. For more information, visit Pear at www.peartherapeutics.com.
About Perceptive Advisors
Founded in 1999 and based in New York, NY, Perceptive Advisors is an investment management firm with over $5 billion in assets whose activities are focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare. For more information about Perceptive, visit www.perceptivelife.com.
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