Pear Therapeutics receives $64 million in Temasek-led funding
Pear Therapeutics receives $64 mln in Temasek-led funding
Jan 4 (Reuters) – Privately held Pear Therapeutics said on Friday it raised $64 million from investors, including Singapore’s Temasek Holdings, weeks after its mobile app for treating patients with substance use disorder was launched.
Funds from the Series C round will support the launch of Pear’s reSET range of software apps to treat diseases, fund research and potentially make acquisitions, the company said.
Other investors, who participated in the funding, include Swiss drugmaker Novartis AG and Arboretum Ventures.
“This round of funding could be a step toward a public offering as soon as the second half of 2019,” Chief Operating Officer Chris Guiffre told Reuters in an interview.
In 2017, Pear’s reSET app became the first software app to be authorized by U.S. regulators for treating any disease. It was approved to treat patients with substance use disorder.
Last month, the Food and Drug Administration approved the company’s second prescription digital therapeutic called reSET-O for patients undergoing treatment for opioid use disorder.
The Boston-based company’s apps can be downloaded on iOS and Android phones using an access code, which is made available to patients on prescription. The apps deliver a form of cognitive behavioral therapy and provide patients with modules that they need to complete, rewarding adherence with nominal incentives like a voucher for a Starbucks coffee.
Novartis’ Sandoz division is also partnered with Pear to launch both apps in the United States, and the companies are developing prescription digital therapeutics to treat schizophrenia as well as depression among multiple sclerosis patients.
(Reporting by Tamara Mathias in Bengaluru; Editing by James Emmanuel)