Pear Therapeutics Stock to Begin Trading After SPAC Merger
Summary
Pear Therapeutics, a developer of software-based medicines called prescription digital therapeutics, on Friday completed a merger with special purpose acquisition company Thimble Point Acquisition (THMA) and will begin trading Monday on Nasdaq under the PEAR ticker. The business combination generated about $175 million in gross proceeds, which Pear will use to further capitalize the company, it said in a Friday statement. “My Pearmates and I are proud to continue our leadership in the creation of prescription digital therapeutics,” Pears CEO Corey McCann said in a statement. The Boston-based companys lead product, reSET for the treatment of substance use disorder was the first PDT to receive marketing authorization from the FDA to treat disease. Pears third product, Somryst, for the treatment of chronic insomnia was the first PDT submitted through the FDAs traditional 510(k) pathway while simultaneously reviewed through the agencys Software Precertification Pilot Program.