By: Jasmine Pennic
Posted on: December 8, 2020
Category: Infectious Disease , Conditions , COVID-19 Coronavirus
Pear Therapeutics Raises $80M to Advance Prescription Digital Therapeutics
What You Should Know:
– Pear Therapeutics today announced that it has successfully closed an $80 million Series D financing led by SoftBank Vision Fund 2.
– Pear is the leader in prescription digital therapeutics and the first company to receive FDA authorization for a prescription digital therapeutic (PDT) to treat disease.
– Pear currently has three FDA authorized therapies, reSET, reSET-O and Somryst, for substance use disorder, opioid use disorder, and chronic insomnia, respectively.
Pear Therapeutics, Inc., (“Pear” or the “Company”) today announced that it has successfully closed an $80 million Series D financing led by SoftBank Vision Fund 21 with participation from existing investors including Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI, and new investors, Forth Management, Pilot House, Sarissa Capital, Shanda Group, and QUAD Investment Management.
What are PDTs?
PDTs are a new therapeutic class that uses software to treat disease. Just like traditional medicines, prescription digital therapeutics are prescribed by a physician and backed by clinical data that has been validated by the FDA. As a new method of care, they offer patients a wide variety of benefits, including: increased access to therapies, improved engagement and adherence compared to face-to-face therapies.
Pear’s FDA Authorized Products
Pear’s products reSET® and reSET-O® for the treatment of substance use disorder and opioid use disorder, respectively, are the first two PDTs to receive market authorization to treat disease from FDA. Pear recently launched Somryst, for the treatment of chronic insomnia, its third FDA-authorized PDT and the third PDT to receive market authorization from FDA. Pear also recently launched its end-to-end virtual care experience combining virtual doctor visit(s) via telemedicine provider with PearConnect, the industry’s first patient service center for PDTs.
The Company’s three FDA-authorized products address large market opportunities with more than 20 million patients suffering from substance and opioid use disorders and more than 30 million from chronic insomnia, in the U.S. alone. These diseases are on the rise as the pandemic has exacerbated the country’s mental health crises.
Pear plans to use the latest round of funding to accelerate reimbursement coverage for its three commercial products, creating the first market access pathway in the PDT industry. The Company collaborates with innovators to build a broad and deep pipeline that has the potential to redefine standard of care in a range of therapeutic areas, including specialty psychiatry, specialty neurology, and a host of other non-CNS diseases. Pear has built the first scalable platform infrastructure to discover, develop, and deliver PDTs to patients.
“Pear is pleased to welcome our new investors and our new board members. SoftBank Investment Advisers represents an ideal partner to support Pear as we build the digital therapeutics industry,” said Corey McCann, M.D., Ph.D., President and CEO of Pear Therapeutics. “This oversubscribed round of funding will allow us to continue to invest in the launches of our three commercial products to accelerate revenue growth, which we intend to reinvest in our robust pipeline and platform.”
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