Pear Therapeutics, the San Francisco, CA- and Boston, MA-based creator of prescription digital therapies called eFormulations™, closed a $20M equity financing.
The round was co-led by 5AM Ventures, Arboretum Ventures, and JAZZ Venture Partners with participation from Bridge Builders Collaborative and oher investors.
The company intends to use the funds to build and launch a portfolio of eFormulations, including reSET™ and reSET-O™, PEAR’s digital therapies for treating Substance Use Disorder (SUD).
Led by Corey McCann, President and CEO, Pear is developing digital therapies, called eFormulations, to treat disease and enhance the efficacy of pharmaceuticals. It validates the efficacy of these digital therapies by conducting randomized clinical trials, and ultimately submitting the products for FDA approval.
The company’s first products, reSET and reSET-O, are proprietary digital therapies comprised of a patient-facing smartphone application and a clinician-facing web interface that treat SUD. reSET and reSET-O have been tested and validated in 6 randomized clinical studies involving more than 1500 patients with SUD. In a pivotal randomized trial, 399 patients seeking treatment for SUD related to cocaine, alcohol, cannabis, and stimulants across 10 treatment centers received either face-to-face therapy or reSET in lieu of therapist time.
Patients receiving reSET in lieu of therapist time demonstrated significantly higher rates of abstinence and higher rates of retention in treatment than patients receiving face-to-face therapy alone. Pear plans to submit the digital therapeutic, reSET, for FDA approval in the first half of 2016.
It has also developed reSET-O, an eFormulation that combines the reSET modules with pharmacotherapy for Opiate Dependence. In three separate randomized clinical trials involving over 465 patients, reSET-O has shown the ability to enhance abstinence, enhance retention in treatment, and reduce required clinician intervention time in Opiate Dependence.
In addition to addiction products, the company is launching on its platform a pipeline of eFormulations for treating many of the disorders of the brain. A product targeting schizophrenia has already demonstrated patient usability and clinical efficacy in combination with multiple medications, and is currently being examined in multiple large-scale clinical trials involving patients with schizophrenia, schizoaffective disorder, and bipolar disorder. Pear has also developed products enhancing medications for treating chronic pain, post-traumatic stress disorder (PTSD), general anxiety disorder (GAD), major depressive disorder (MDD), and insomnia.