Better Therapeutics announced today that it expects its merger with Mountain Crest Acquisition Corp to close next month.
San Francisco-based Better Therapeutics announced its intention to merge with Mountain Crest, a publicly-traded, special purpose acquisition corporation (SPAC), in April. At the time of the announcement, the companies expected the merger to be completed some time in the summer of 2021.
According to an update from the company in a news release, the merger and concurrent private investment in public equity (PIPE) and debt financings (including a $50 million financing announced last month) are now expected to all close in October of this year.
The company said it plans to use the latest funds to support the advancement of its clinical pipeline and the commercialization of its first prescription digital therapeutic (PDT) for treating type 2 diabetes.
Better Therapeutics develops BT-001, an investigational, prescription digital therapeutic (PDT) designed to deliver a novel form of cognitive-behavioral therapy to patients with uncontrolled Type 2 diabetes. The company also has further PDTs for cardiometabolic disease in the pipeline.
“I’m pleased with the progress we’ve made since announcing our plans to become a public company through a merger with Mountain Crest II,” Better Therapeutics co-founder & CEO Kevin Appelbaum said in the release. “We’ve advanced our clinical pipeline in type 2 diabetes, hypertension, hyperlipidemia and non-alcoholic fatty liver disease (NAFLD). Our potentially pivotal study of BT-001, a PDT for the treatment of type 2 diabetes, is approaching full enrollment, and a real-world evidence study of BT-001 is about to begin enrolling. We expect the data generated from the pivotal study will form the basis of our planned de novo submission to FDA requesting marketing authorization of BT-001, and data from the real-world evidence study, if positive, will provide compelling evidence of clinical and economic impact to support reimbursement coverage.
“We’ve added a fourth patent family to our intellectual property portfolio, and, through the SPAC, PIPE and debt financings, we will be well funded into 2023, as we progress towards the commercial launch of our first PDT in diabetes and advance our pipeline across multiple cardiometabolic diseases.”