BOSTON, MA – Pear Therapeutics, the creator of prescription pharmaceutical-software combination products called eFormulationsTM, announced today that it has successfully closed on additional financing. The funding round was led by 5AM Ventures, with several undisclosed additional investors contributing capital. The investment will allow Pear to build a portfolio of eFormulationsTM. Concurrently, Andrew J. Schwab, Founding Managing Partner of 5AM Ventures, has been appointed to the Pear Therapeutics Board of Directors.
Pear is developing digital health interventions to enhance the efficacy of pharmaceutical preparations. While its proprietary approach has broad clinical application, the company is initially focused on disorders of the brain, many of which impose large societal costs and yet still have limited treatment options. “From mobile applications, to virtual reality simulations, to predictive analytics, our technology directly boosts medication efficacy in incredibly significant ways, well beyond enhanced compliance. Our team has pulled together the pieces required to deliver these products to patients,” said Corey McCann, President and CEO of Pear.
“Brain-related disorders represent a significant healthcare problem that today’s pharmaceutical pipeline is ill-equipped to address. We were very impressed by early data for eFormulationsTM in tackling mental health issues and Pear’s approach provides an opportunity to elevate the standard of care for disorders going well beyond the brain,” said Andrew J. Schwab.
About Pear Therapeutics
Pear Therapeutics is a privately held eHealth company with offices in Boston and San Francisco developing drug/software combination products to address a broad range of severe conditions. The company’s eFormulationTM platform combines pharmaceutical preparations with user-friendly, customizable, and scientifically validated software applications. Pear’s patented approach provides better outcomes for patients, smarter engagement and tracking tools for clinicians, and cost-effective solutions for payors. For additional information please visit our website at www.peartherapeutics.com.
About 5AM Ventures
5AM Ventures actively invests in next-generation life science companies. The firm is currently investing 5AM Ventures IV, L.P., a $250 million venture capital fund that closed in 2013. With over $685 million under management, 5AM has invested in 49 early-stage companies and its successful realizations include Achaogen (Nasdaq: AKAO), Alexza Pharmaceuticals (Nasdaq: ALXA), DVS Sciences (sold to Fluidigm), Envoy Therapeutics (sold to Takeda), Flexion Therapeutics (Nasdaq: FLXN), Ikaria (sold to Madison Dearborn), Ilypsa (sold to Amgen), Incline Therapeutics (sold to The Medicines Company), Marcadia (sold to Roche), Miikana Therapeutics (sold to EntreMed), Panomics (sold to Affymetrix), Pearl Therapeutics (sold to AstraZeneca), Relypsa (Nasdaq: RLYP), Semprus (sold to Teleflex) and Synosia Therapeutics (sold to Biotie Therapies). For more information, please visit www.5amventures.com.