Pear Therapeutics today began trading on the Nasdaq market following the completion of a previously announced merger at the end of last week.
Boston-based Pear confirmed in June that it would go public by merging Thimble Point Acquisition Corp., a special purpose acquisition company (SPAC). Following approval from Thimble Point’s stockholders at the end of last month, the company announced the completion of the merger on Friday.
Today, Pear Therapeutics officially began trading on the Nasdaq market under the “PEAR” ticker. The transaction generated approximately $175 million in gross proceeds in total. Pear said it would use the funds to capitalize its position as a leader in software for treating serious disease.
Pear Therapeutics develops prescription digital therapeutics (PDTs) and currently has three authorized by the FDA for treating substance use disorder, opioid use disorder and chronic insomnia. Its alcohol use disorder treatment platform received FDA breakthrough device designation last month.
“My Pearmates and I are proud to continue our leadership in the creation of prescription digital therapeutics,” Pear Therapeutics President & CEO Dr. Corey McCann said in a news release. “As a public company, we aim to accelerate our vision to increase access to PDTs by further commercializing our three FDA-authorized PDTs, expanding public and private payer adoption, and advancing our pipeline of PDTs. Thanks to all of our investors for supporting our successful transition.”