STAT+: Pear Therapeutics sold for parts at $6 million auction
Four companies agreed to buy the assets of Pear Therapeutics at auction after the digital health company filed for bankruptcy last month.
Four different companies agreed to buy the assets of Pear Therapeutics at auction on Thursday morning after the digital health company filed for bankruptcy last month.
Click Therapeutics, Welt Corp, Harvest Bio, and Nox Health Group each acquired bits of the company for $6.05 million, far short of the $32 million in debt Pear carried. A hearing to approve the sale will be held on May 22.
Founded in 2013, Pear was the most prominent company developing prescription digital therapeutics, or Food and Drug Administration-cleared software applications ordered by doctors to treat health conditions. The company received the first FDA clearance for a standalone digital therapeutic in 2017 for reSET, a product that used cognitive behavioral therapy to treat substance use disorder. It was followed by clearances for reSET-O, an app for opioid use disorder, and Somryst, for insomnia. Pear also had a large pipeline of development products and numerous technologies it built to support the distribution of its apps.
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