PursueCare, a company that provides personalized virtual addiction treatment, announced the re-release of FDA-cleared RESET and RESET-O, prescription digital therapeutics for substance use disorder and opioid use disorder.
RESET and RESET-O were initially developed and commercialized by Pear Therapeutics, which filed for Chapter 11 bankruptcy last year. PursueCare acquired the digital therapeutics offerings in December, several months after Pear’s assets were auctioned off.
According to PursueCare, the app-based digital therapies RESET and RESET-O provide a self-guided 12-week course of cognitive behavioral therapy whereby patients are motivated to complete lessons, comply with treatment and cease drug use.
The company will leverage the PDTs jointly with its thorough virtual treatment offering, concentrating on value-based care arrangements with health plans.
Additionally, PursueCare is establishing programs with partnering clinics to allow the delivery of RESET and RESET-O to their patients.
RESET and RESET-O integrate with outpatient care to deliver uninterrupted support and customized progress tracking, according to PursueCare.
Meanwhile, by enhancing patient engagement, the PDTs are designed to align with value-based care models prioritized by health plans.
“At PursueCare, we are driven by the belief that everyone deserves accessible, high-quality care that meets them where they are and stays with them through their journey,” Nick Mercadante, founder and chief executive officer of PursueCare, said in a statement.
“RESET and RESET-O align perfectly with our mission. Digital therapeutics empower individuals to reclaim control over their health, advancing a new standard of care for chronic substance use disorder.”
THE LARGER TREND
Pear’s initial claim to fame was the 2017 De Novo clearance of its substance abuse treatment reSET, which marked the first prescription digital therapeutic to receive the agency’s blessing.
In 2018, reSET was the first software-only therapeutic cleared by the FDA.
Pear hit the public markets in late 2021 through a merger with a special purpose acquisition company, but the company’s stock price generally declined.
In quarter three of 2022, Pear reported $4.1 million in revenue and a $30.7 million net loss. The company also said it had approved more layoffs, affecting 59 employees, or about 22% of Pear’s workforce at the end of September. It had previously laid off 25 workers over the summer.
Pear announced in March 2023 that it was exploring “strategic alternatives,” including a possible company sale, merger or acquisition. It hired a financial advisor to look into actions that could “maximize shareholder value,” including a potential sale, M&A, divestiture of assets, licensing or other strategic transactions.
That same month, via a filing with the Securities and Exchange Commission, Pear withdrew its revenue and operating guidance for fiscal 2022 and 2023 and announced it wouldn’t hold a fourth quarter and full-year earnings call.
In April 2023, Pear filed for Chapter 11 bankruptcy and announced it was seeking a sale of its business or assets but would continue its scaled-down operations during Chapter 11 as it sought a sale. Pear would use its available cash to fund its operations and costs post-petition.
A month later, the assets of Pear Therapeutics were broken up and sold at auction for $6.05 million in the wake of a bankruptcy filing by the company in April.
According to the court filing, Pear’s assets were split between four bidders: Digital therapeutics company Click Therapeutics, Harvest BIO, sleep tech company Nox Health Group and health technology company Welt.
Harvest Bio was the successful bidder of Pear’s Invention Science Fund licenses and patents, as well as its assets related to schizophrenia, multiple sclerosis, depression, major depressive disorder and other pipeline assets.
Harvest also successfully purchased Pear’s corporate trademarks, PearConnect, reSET and reSET-O assets. Harvest purchased the assets for an aggregate price of $2.03 million.
In December of last year, PursueCare announced it completed a $20 million Series B funding round and acquired the digital therapeutics assets reSET and reSET-O, the products originally developed by Pear Therapeutics.
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