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HomeHealthHealth carePear Therapeutics in need of a financial lifeline

Pear Therapeutics in need of a financial lifeline

Pear Therapeutics stated Friday it’s exploring “strategic alternatives” and should must restructure or fold if its efforts fail.

The digital therapeutics company is in search of a possible sale, merger, acquisition, divestiture of belongings, licensing settlement or different strategic transactions, or extra financing, it stated in a Friday submitting with the Securities and Exchange Commission. Without outdoors monetary assist, Pear stated it could must liquidate or restructure. 

A spokesperson for the publicly held firm declined remark.

Within the identical SEC submitting, Pear Therapeutics withdrew its income and working steerage for fiscal 2022 and 2023. The firm stated it is not going to maintain fourth quarter and full 12 months 2022 earnings convention name and webcast, which had not been scheduled. 

In a regulatory submitting final month, the corporate stated Chief Commercial Officer Julie Strandberg would go away the corporate on the finish of March.

Pear posted a lack of $30.7 million or $0.22 per share within the third quarter of 2022 and disclosed that it laid off 22% or 59 of its workers on the finish of the quarter. Earlier within the third quarter, it had laid off 25 extra workers. 

Pear Therapeutics went public in December 2021 in a $1.6 billion take care of a particular goal acquisition firm Thimble Point Acquisition Corp. It has seen its share worth go from a excessive of buying and selling at $5.22 per share to its Friday morning worth of $0.49 per share. 

Pear, based in 2013, develops software program purposes that should be prescribed by clinicians and goal opioid use dysfunction, continual insomnia and substance use. 

Health insurance coverage corporations have been sluggish to cowl these instruments over issues over legal responsibility, an absence of medical proof and sluggish Food and Drug Administration approvals. Pear has labored to get business insurers to cowl its digital therapeutics and has discovered some success. Fifteen Blue Cross Blue Shield plans have added Pear’s products to their business formularies. 

Pear stated it’s working with funding financial institution MTS Health Partners to guage its options. 

This story first appeared in Digital Health Business & Technology.



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