Digital therapy developer Pear Therapeutics began trading on the Nasdaq on Monday after the company completed a merger with a special purpose acquisition company first announced in the summer.
Here are five things about Pear Therapeutics and its recent SPAC merger:
1. Pear Therapeutics, a company that develops application-based therapies, merges with Thimble Point Acquisition Corp. and is expected to generate approximately $175 million in total revenue. The company is publicly traded under the stock symbol “PEAR”, Closed at $10 per share When the market closes on Monday. At noon Eastern Standard Time on Tuesday, it was trading at close to $8.
2. Pear therapy Announce merger plan Point with thimble in June. Thimble Point’s shareholders approved the merger on November 30 last week.
3. Pear Therapeutics plans to use the net proceeds from the merger to continue to commercialize the three treatments for drug use disorder, opioid use disorder and chronic insomnia approved by the US Food and Drug Administration, and to expand cooperation with payers and establish software programs To treat other diseases, Dr. Corey McCann, co-founder, president and CEO of Pear Therapeutics, said in a statement Press Releases.
4. Founded in 2013, Pear Therapeutics was one of the first digital therapy companies to obtain FDA approval through a mobile app in 2017 Used as part of outpatient treatment for substance use disordersThe app provides interactive cognitive behavioral therapy and provides a way for patients to report information to clinicians. All digital therapies from Pear Therapeutics require a prescription.
5. According to data from the early digital health risk fund Rock Health, 8 digital health companies will go public through mergers with SPACs in the first three quarters of 2021. SPAC (also known as the Blank Check Company) raises funds through an initial public offering, and then Acquire other companies and list them.