By OPEN MINDS Circle
Pear Therapeutics Inc. and its wholly owned subsidiary, Pear Therapeutics (US), Inc. each voluntarily filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case Nos. 23-10429; 23-20430). They intend to sell the business or its assets, which includes three prescription digital therapeutics (PDTs) approved by the U.S. Food and Drug Administration (FDA): reSET® for addiction treatment and reSET-O® for opioid addiction treatment, plus Somryst® for chronic insomnia.
Pear Therapeutics has stopped accepting new prescriptions for reSET®, reSET-O®, and Somryst®. No refills will be dispensed. The company hopes to continue to support consumers currently using the products for the duration of the current fill of their prescription.
The company intends to continue scaled-down operations during the Chapter 11 as it seeks to execute an expedited sale process. Having reached a settlement prior to the filing with its lender, Pear intends to use available cash to fund post-petition operations and costs in the ordinary course of its business.
Pear Therapeutics develops and markets PDTs for multiple therapeutic areas. The PDTs are designed to engage consumers in treatment and provide tracking tools for clinical professionals. Its products are designed to collect real world data for use by prescribing clinical professionals and for population health management by payers and health systems. Pear started marketing reSET and reSET-O in January 2019. It launched Somryst for chronic insomnia on November 17, 2020.
Contact information: Pear Therapeutics, 200 State Street, Boston, Massachusetts 02109; Email: info@peartherapeutics.com; Website: https://peartherapeutics.com/