BOSTON, and SAN FRANCISCO – PEAR Therapeutics, a developer of prescription digital therapeutics, announced it has successfully closed a $50 million Series B financing led by Temasek, the national wealth fund of Singapore. With this financing, Temasek joins new and existing investors including 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, Singapore-based EDBI, and the Bridge Builder’s Collaborative. PEAR is the first company to receive U.S. Food and Drug Administration (FDA) clearance for a prescription digital therapeutic with claims to improve clinical outcomes in a disease.
PEAR has offices in San Francisco and Boston.
The new funding will allow the company to commercialize its lead programs and further develop its pipeline and platform. In September 2017, PEAR’s lead product candidate, reSET, became the first prescription digital therapeutic cleared by the FDA for the treatment of substance use disorder. Its second digital therapeutic, reSET-O, which is designed as an adjunct to pharmacotherapy to treat opioid use disorder, recently received Expedited Access Pathway (EAP) designation from the FDA. PEAR is also one of nine companies selected to the FDA’s Digital Health Pre-Certification Pilot Program to help guide the agency in defining new regulatory guidelines for digital health products.
PEAR will use the financing to drive continued development and commercialization of its prescription digital therapeutics platform. In addition to its commercial products for treating addiction conditions (reSET and reSET-O), the company is developing software-based treatments for schizophrenia (THRIVE™), combat post-traumatic stress disorder (reCALL), general anxiety disorder (reVIVE), pain, major depressive order, and insomnia, with additional discovery-stage programs outside of CNS.
“At PEAR, 2017 was a year filled with noteworthy achievements. Our team made significant strides in advancing our pipeline of prescription digital therapeutics. We plan to use this additional capital to substantiate the clinical efficacy of our therapeutics across a variety of indications,” said Corey McCann, M.D., Ph.D., President and CEO of PEAR Therapeutics. “This latest financing recognizes the strides we’ve made in proving the clinical utility and commercial viability of prescription digital therapeutics.”