Pear Therapeutics Files for Bankruptcy, Seeks Buyer

Prescription digital therapeutics firm Pear Therapeutics announced on Friday that the company has filed for protection under Chapter 11 of the US Bankruptcy Code, and it intends to pursue a sale of the business or assets.

Pear is the developer of reSET, a prescription digital therapeutic designed to retain patients in substance use disorder treatment, and reSET-O, a similar offering for patients being treated for opioid use disorder.

Prior to filing for bankruptcy, executives from the organization explored a series of alternatives, including a significant reduction of operating expenses. The company said in a news release that it intends to continue marketing efforts to potential purchasers interested in specific assets and continue seeking a sale of the whole business.

In the interim, Pear will continue with scaled-down operations, having reached a settlement with its lender to use available cash to fund operations and costs in the ordinary course of business.

Pear Therapeutics is represented by Foley Hoag LLP as counsel, Gibbons PC as co-counsel, Sonoran Capital Advisors as restructuring advisor, and MTS Health Partners as its restructuring investment banker.

Reference

Pear Therapeutics files for chapter 11 and will seek to sell assets through sales process. News release. Pear Therapeutics. April 7, 2023. Accessed April 11, 2023.