Assets of the maker of prescription digital therapeutics Pear Therapeutics was dissolved and auctioned for $6.05 million after the company filed for bankruptcy in April.
According to the court recordsPear’s assets were split between four bidders: digital therapeutics company Click Therapeutics, Harvest BIO, sleep technology company Nox Health Group, and health technology company Welt.
The group’s largest bid came from Nox Health, which will acquire Pear’s related assets Somryst, which uses cognitive behavioral therapy for insomnia to train the brain and body to sleep. Nox will pay $3.9 million for the assets.
Harvest Bio was the winning bidder for Pear’s Invention Science Fund’s (ISF) licenses and patents and its assets related to schizophrenia, multiple sclerosis and depression, major depression and other pipeline assets. Harvest also successfully acquired Pear’s corporate brands, PearConnect, reSET and reSET-O assets. Harvest purchased Pear’s assets for a total purchase price of $2.03 million.
Click Therapeutics offered $70,000 for all of Pear’s platform patents except those relating to the ISF assets, and Welt agreed to purchase Pear’s migraine-related assets for $50,000.
THE BIGGER TREND
The company entered the public market in late 2021 through a merger with a special purpose vehicle, a popular method of public exit for digital healthcare companies at the time. But the company’s share price has generally rejected since then.
March, Pear said it is reviewing “strategic alternatives,” including a possible sale, merger or acquisition.
in one Filing with the Securities and Exchange CommissionPear withdrew its revenue and operating guidance for fiscal years 2022 and 2023 and announced it would not hold a conference call on its fourth-quarter and full-year results.
Last month, Pear filed for Chapter 11 bankruptcy and announced that it was seeking a sale of its business or assets, but that during Chapter 11 it would continue its downsized operations as it sought a sale, and Pear would use its available cash to fund its operations and Use costs after bankruptcy. Petition.
The CEO of the Boston-based company Corey McCann referred to the submission on LinkedInIt said: “Today is a difficult day for Pear Therapeutics. We announced that Pear has voluntarily filed for Chapter 11 and will attempt to sell assets as part of a sale process. We also announced a reduction in troop levels, including mine. This is certainly not the result.” That’s what I envisioned when I founded Pear in 2013.”