Digital health firm Pear goes public, raising $175 million (pharmaforum):
Pear will make its debut on the exchange today after combining with Thimble Point – a special purpose acquisition company (SPAC) – in a deal that sidestepped the conventional initial public offering (IPO) route and has propelled its valuation to around $1.6 billion … Pear specialises in prescription digital therapeutics (DTx) based on cognitive behavioural therapy (CBT) techniques that can delivered remotely to [patients via a digital device. It has three apps approved by the FDA, including reSET and reSET‑O for people living with substance and opioid use disorders, respectively, and a tool for chronic insomniacs called Somryst.
The company has predicted it will make around $4 million in revenues from its DTx portfolio in full-year 2021.
Last month, Pear reported progress with its latest product – a DTx for alcohol use disorder (AUD) called reSET‑A – claiming breakthrough status from the FDA for the app. It aims to overcome a desperate lack of treatments for a condition estimated to affect around 14 million adults in the US, causing around 95,000 fatalities every year.
Pear Therapeutics, Inc. (“Pear Therapeutics”), the leader in developing and commercializing software-based medicines, called prescription digital therapeutics (PDTs), announced today the completion of its business combination with Thimble Point Acquisition Corp. (“Thimble Point”) (Nasdaq: THMA), a special purpose acquisition company (“SPAC”). The publicly traded company will be known as Pear Therapeutics, Inc. and will commence trading on Nasdaq under the ticker symbol “PEAR” on December 6, 2021…
“My Pearmates and I are proud to continue our leadership in the creation of prescription digital therapeutics,” said Corey McCann, M.D., Ph.D., Pear’s President and Chief Executive Officer. “As a public company, we aim to accelerate our vision to increase access to PDTs by further commercializing our three FDA-authorized PDTs, expanding public and private payer adoption, and advancing our pipeline of PDTs. Thanks to all of our investors for supporting our successful transition.”
News in Context:
- Pear Therapeutics Provides 2021 Business Update and Reaffirms Full Year 2021 Revenue Guidance
- Prescription software firm Pear Therapeutics to go public via $1.6 billion SPAC deal, harnessing 3 FDA-authorized products and 14 candidates
- Ohio joins Indiana and Kentucky in funding Pear Therapeutics’ digital addiction treatments
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