Substance use and opioid use treatment developer Pear Therapeutics announced that it closed an $80 million Series D financing round.
Existing investors Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox and EDBI contributed, as did new investors Forth Management, Pilot House, Sarissa Capital, Shanda Group, and QUAD Investment Management, according to a news release.
Pear develops reSET and reSET-O prescription digital therapeutics (PDTs) for treating substance use disorder and opioid use disorder, respectively. The company also recently launched Somryst for treating chronic insomnia, making it the third product, after the reSET therapeutics, to win FDA clearance.
The company intends to use the financing round to accelerate reimbursement coverage for the three products, creating the first market access pathway in the PDT industry.
“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,” Pear Therapeutics president & CEO Dr. Corey McCann said in the release. “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.”
“We believe prescription digital therapeutics are creating a new category of medicine,” added SoftBank partner Kirthiga Reddy. “Pear Therapeutics has combined biology and software to pioneer the first end-to-end platform for prescription digital products, with an initial focus on serious psychiatric diseases. We’re pleased to support Pear’s mission to create the next generation of therapeutics and deliver better patient outcomes.”
In conjunction with the financing, Walgreens Boots Alliance and Hill-Rom Holdings board director Nancy Schlichting, along with SoftBank investor Elena Viboch, will join Pear’s board. Reddy will contribute as a board observer, as well.