Pear Therapeutics Announces Process Exploring Strategic Alternatives
17 Mars 2023 - 2:15PM
Business Wire
Pear Therapeutics, Inc. (Nasdaq: PEAR) (“the Company”), the
leader in developing and commercializing software-based medicines
called prescription digital therapeutics (PDTs), today announced
that it is engaged in a process to explore strategic alternatives
to maximize shareholder value. The Company has engaged MTS Health
Partners, L.P. to act as the Company’s exclusive financial advisor
to assist in evaluating potential alternatives. MTS Health Partners
is a leading boutique investment bank that provides strategic and
financial advice to the healthcare industry.
As part of its process, Pear is exploring the potential for an
acquisition, company sale, merger, divestiture of assets,
licensing, or other strategic transactions and/or seeking
additional financing. There is no set timetable for this process
and there can be no assurance that this process will result in the
Company pursuing a transaction or that any transaction, if pursued,
will be completed on attractive terms. If the Company is unable to
complete a transaction, it may be required to seek a
reorganization, liquidation or other restructuring. The Company
does not expect to disclose or provide an update concerning
developments related to this process unless or until the Company’s
Board of Directors has approved a definitive course of action or
otherwise determines that other disclosure is necessary or
appropriate.
About Pear Therapeutics
Pear Therapeutics, Inc., which is traded on Nasdaq as PEAR, is
the parent company of Pear Therapeutics (US), Inc. Pear is the
leader in developing and commercializing software-based medicines,
called prescription digital therapeutics (PDTs). Pear aims to
redefine care through the widespread use of clinically validated
software-based therapeutics to provide better outcomes for
patients, smarter engagement and tracking tools for clinicians, and
cost-effective solutions for payers. Pear has the first end-to-end
platform to discover, develop, and deliver PDTs to patients and a
pipeline of products and product candidates across therapeutic
areas, including the first three PDTs with disease treatment claims
from the FDA. Pear’s 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 second product,
reSET-O®, for the treatment of opioid use disorder, was the first
PDT to receive Breakthrough Designation. Pear’s third product,
Somryst® for the treatment of chronic insomnia, was the first PDT
submitted through FDA’s traditional 510(k) pathway while
simultaneously reviewed through FDA’s Software Precertification
Pilot Program. For more information, visit Pear at
www.peartherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include those that express
plans, anticipation, intent, contingencies, goals, targets or
future development and/or otherwise are not statements of
historical fact. These statements relate to future events or future
results of operations, including, but not limited to statements
concerning the following matters: the Company’s review and
evaluation of potential strategic alternatives and their impact on
stockholder value; the process by which the Company engages in
evaluation of strategic alternatives; the Company’s ability to
identify potential merger or acquisition partners; the Company’s
ability to raise capital to continue as a going concern; and the
terms, timing, structure, benefits and costs of any strategic
transaction and whether one will be consummated at all; the impact
of any strategic transaction on the Company. In some cases, you can
identify forward-looking statements by terminology such as
“guidance”, “may”, “should”, “could”, “might”, “plan”, “possible”,
“project”, “strive”, “aim”, “budget”, “forecast”, “expect”,
“intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”,
“potential”, “target”, or “continue”, or the negatives of these
terms or variations of them or similar terminology.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Pear and its
management are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: the results of our strategic review process;
our ability to raise capital; cash flow, cash burn, expenses,
obligations and liabilities; the interest of third parties in
entering into a merger, reverse merger, or other strategic
transaction with the Company; any impact of this evaluation process
on the sale of the Company’s products; the outcomes of any
litigation, regulatory proceedings, inquiries or investigations
that we may become subject to; and other important factors
discussed in the Company’s filings with the Securities and Exchange
Commission. If we do not obtain additional equity or debt funding,
our cash resources will be depleted and we could be required to
materially reduce or suspend operations, which would likely have a
material adverse effect on our business, stock price and our
business relationships with third parties. If we do not have
sufficient funds to continue operations or satisfy our liabilities,
we could be required to seek a reorganization, liquidation or other
restructuring that could result in our stockholders losing some or
all of their investment in us.
Readers are cautioned not to put undue reliance on
forward-looking statements, which are based only on information
currently available to us and speak only as of the date of this
release. Pear assumes no obligation to publicly update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
by law. Pear gives no assurance that Pear will achieve its
expectations
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version on businesswire.com: https://www.businesswire.com/news/home/20230317005192/en/
Media and Investors: Meara Murphy Senior Director,
Corporate Communications meara.murphy@peartherapeutics.com
Pear Therapeutics (NASDAQ:PEAR)
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