Foley Hoag Represents Pear Therapeutics, Inc. in Closing $50,000,000 Loan Transaction with Perceptive Advisors
July 10, 2020
Foley Hoag LLP represented Pear Therapeutics, Inc., a pioneer of prescription digital therapeutics (PDTs) based in Boston, Massachusetts, in closing a $50,000,000 secured loan transaction with Perceptive Advisors, a leading life sciences investment firm. Pear intends to use the proceeds for working capital, repayment of existing debt, and general corporate purposes, including commercialization activities for the company’s three FDA-authorized PDTs.
Pear has offices in Boston, MA and San Francisco, CA, and is the leader in PDTs. The company aims to redefine medicine by discovering, developing, and delivering clinically validated software-based therapeutics to provide better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payers. Pear has a pipeline of products and product candidates across therapeutic areas, including the first three PDTs with disease treatment claims from FDA. Pear’s lead product, reSET®, for the treatment of substance use disorder, was the first PDT to receive marketing authorization from FDA to treat disease. Pear’s second product, reSET-O®, for the treatment of opioid use disorder, was the first PDT to receive Breakthrough Designation. Pear’s third product, Somryst™, for the treatment of chronic insomnia, was the first PDT submitted through FDA’s traditional 510(k) pathway while simultaneously reviewed through FDA’s Software Precertification Pilot Program.
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