Pear Therapeutics Inc has closed its Series D financing for the second time. The second closing included Integrated Delivery Network (IDN) as a new strategic investor. The national IDN is investing $20 million, bringing the total Series D investment to $100 million.
Pear Therapeutics markets Somryst, a prescription digital cognitive behavioral therapy for insomnia, as well as substance abuse and opioid abuse digital therapeutics.
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“Pear is pleased to add one of America’s leading health care providers and health plans to our distinguished list of investors as we continue to expand patient access to our FDA-authorized digital therapeutics,” says Corey McCann, MD, PhD, president and CEO of Pear Therapeutics, in a release. “This investment from a market leading IDN in the next generation of medicine supports our mission to be the leading platform-based, product-driven PDT company.”
Pear is using its Series D financing to accelerate reimbursement coverage for its three FDA-authorized products, creating the first market access pathway in the prescription digital therapeutic (PDT) industry. PDTs are a new therapeutic class that uses software to directly treat disease through a patient’s mobile device. Pear’s goal is to increase access to PDTs by adding them to standard formularies.