The stock was priced at $9.8 at last check, after opening at $9.30 a share.
Pear, a developer of software-based medicines called prescription digital therapeutics, on Friday completed a merger with special purpose acquisition company Thimble Point Acquisition, whose stockholders on Nov. 30 voted to approve the business combination. Pear's shareholders had earlier approved the merger.
The business combination generated about $175 million in gross proceeds, which Pear will use to further capitalize the company, it said in a Friday statement.
“My Pearmates and I are proud to continue our leadership in the creation of prescription digital therapeutics,” Pear's CEO Corey McCann said in a statement. “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.”
Pear on Nov. 22 received its second breakthrough device designation from the Food and Drug Administration for its reSET-A product candidate that is designed for the treatment of alcohol substance use disorder.The company's reSET-O product for the treatment of opioid use disorder was the first PDT to receive a breakthrough device designation.
The Boston-based company's lead product, reSET for the treatment of substance use disorder was the first PDT to receive marketing authorization from the FDA to treat disease. Pear's third product, Somryst, for the treatment of chronic insomnia was the first PDT submitted through the FDA's traditional 510(k) pathway while simultaneously reviewed through the agency's Software Precertification Pilot Program.