Better Therapeutics, a prescription digital therapeutics company developing cognitive behavioral therapy to address the root causes of cardiometabolic diseases, secured a loan facility for up to $50 million from Hercules Capital.
“This transaction comes on the heels of an eventful few months, including the announcement of our pending SPAC merger and concurrent PIPE financing, as well as the initiation of our potentially pivotal study in type 2 diabetes,” Kevin Appelbaum, co-founder and CEO of Better Therapeutics, said. “This debt financing will further strengthen our balance sheet as we develop BT-001 and advance our pipeline of additional PDTs for other behavior-driven cardiometabolic diseases.”
“We are pleased to have the support and confidence of a leading lender like Hercules,” Mark Heinen, interim CFO of Better Therapeutics, said. “This financing provides Better Therapeutics with financial flexibility as we continue development with the aim of launching of our first regulated and prescribed PDT.”
“The Better Therapeutics team is at a clear inflection point in its mission to realize the promise of PDTs for the millions of people with type 2 diabetes and other cardiometabolic diseases,” Cristy Barnes, managing director in Hercules Capital’s life sciences group, said. “We look forward to providing our support as they approach key milestones and beyond.”
