Pear Therapeutics received a huge assist in its effort to boost reimbursement for its prescription digital therapeutics (PDT) products.
To do this the Boston, MA-based company closed an $80 million Series D round. The financing was led by SoftBank Vision Fund 2 with participation from existing investors including Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI, and new investors, Forth Management, Pilot House, Sarissa Capital, Shanda Group, and QUAD Investment Management.
Pear said PDTs are a new therapeutic class that uses software to directly treat serious disease, alone or in combination with drugs. Pear’s products reSET and reSET-O for the treatment of substance use disorder and opioid use disorder, respectively, are the first two PDTs to receive market authorization to treat the disease from FDA.
Pear recently launched Somryst, for the treatment of chronic insomnia, its third FDA-authorized PDT and the third PDT to receive market authorization from FDA. Pear also recently launched its end-to-end virtual care experience combining virtual doctor visit(s) via telemedicine provider with PearConnect, a patient service center for PDTs.
“We believe prescription digital therapeutics are creating a new category of medicine,” Kirthiga Reddy, Partner at SoftBank Investment Advisers, said in a release. “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.”