Also joining the round are EDBI, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, and the Bridge Builder’s Collaborative.
PEAR will use the financing to drive continued development and commercialisation of its prescription digital therapeutics platform. “We plan to use this additional capital to substantiate the clinical efficacy of our therapeutics across a variety of indications,” said Corey McCann, MD, PhD, President and CEO of PEAR Therapeutics.
PEAR Therapeutics is a provider of FDA-cleared prescription digital therapeutics targeted at improving overall mental well-being. The company integrates clinically-validated software applications with previously-approved pharmaceuticals and treatment paradigms to provide better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers.
Like other aspects of health, mental health can be affected by a range of socioeconomic factors that need to be addressed through comprehensive strategies for promotion, prevention, treatment and recovery. Personality disorders, depression, anxiety, substance abuse disorders or other addictive behaviours are the most common mental illnesses with which the global population is struggling with. PEAR’s reSET is a 12-week prescription therapy for the treatment of patients with Substance Use Disorder (SUD) and has been indicated for use as an adjunct to standard, outpatient treatment.
The firm’s second digital therapeutic, reSET-O, is designed as an adjunct to pharmacotherapy to treat opioid use disorder and was recently granted breakthrough device designation by the FDA.
In addition to reSET and reSET-O, the company is also developing software-based treatments for schizophrenia (THRIVE), combat post-traumatic stress disorder (reCALL), general anxiety disorder (reVIVE), pain, major depressive order, and insomnia.