Pear Therapeutics stock to begin trading after PSPC merger

Pear Therapeutics, a software-based drug developer called Digital Therapeutic Prescribing, concluded a merger with special-purpose acquisition company Thimble Point Acquisition on Friday (THMA) and will begin trading Monday on the Nasdaq under the ticker PEAR.

Thimble Point shareholders voted on November 30 to approve the business combination, which had previously been approved by Pear shareholders.

The business combination generated gross proceeds of around $ 175 million, which Pear will use to further capitalize the company, he said in a statement Friday.

“My Pearmates and I are proud to continue our leadership in creating digital prescription therapies,” said Corey McCann, CEO of Pear. said in a press release. “As a public company, we aim to accelerate our vision to increase access to PDTs by further commercializing our three FDA-cleared PDTs, expanding adoption of public and private payers, and advancing our pipeline of. PDT. Thank you to all of our investors for supporting our successful transition.

On November 22, Pear received its second breakthrough device designation from the Food and Drug Administration for its product candidate reSET-A designed for the treatment of alcohol use disorders. The Company’s reSET-O product for the treatment of opioid use disorders was the first PDT to receive a revolutionary device designation.

The Boston-based company’s flagship product, reSET for the treatment of substance use disorders, was the first PDT to receive market authorization from the FDA to treat the disease. Pear’s third product, Somryst, for the treatment of chronic insomnia was the first PDT submitted via the traditional 510 (k) pathway to the FDA while simultaneously being reviewed as part of the software pre-certification pilot program of the ‘agency.

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