Pear Therapeutics closed a credit facility for up to $50 million from Perceptive Advisors, a life sciences investment firm. In connection with the financing, Pear issued warrants to Perceptive Advisors and Sam Chawla, portfolio manager for Perceptive Advisors, received board observer rights.
Pear intends to use the proceeds of the facility for working capital, repayment of existing debt and general corporate purposes, including commercialization activities for the company’s three FDA-authorized prescription digital therapeutics.
“This financing allows us to increase investment in our commercial products at an attractive cost of capital,” Corey McCann, MD, PhD, president and CEO of Pear Therapeutics, said. “We are pleased to have the support of Perceptive Advisors and look forward to having Sam Chawla join our board meetings.”
“Perceptive is delighted to provide growth capital to support Pear’s commercialization strategy at this exciting time in its evolution,” Chawla said. “With three authorized products and a pipeline of product candidates, Pear represents a unique opportunity in the digital health space. It is well-positioned as healthcare transitions to remote models where patients receive care anytime, anywhere. We look forward to participating in the company’s growth.”
Armentum Partners served as the Pear’s financial adviser in connection with this financing.
