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Hercules Capital Provides $50MM Debt Facility to Better Therapeutics

August 26, 2021, 07:50 AM
Filed Under: Medical
Related: Hercules Capital

Better Therapeutics, a prescription digital therapeutics company developing cognitive behavioral therapy to address the root causes of cardiometabolic diseases, secured a loan facility for up to $50 million from Hercules Capital.

“This transaction comes on the heels of an eventful few months, including the announcement of our pending SPAC merger and concurrent PIPE financing, as well as the initiation of our potentially pivotal study in type 2 diabetes,” said Kevin Appelbaum, co-founder and chief executive officer of Better Therapeutics. “This debt financing will further strengthen our balance sheet as we develop BT-001 and advance our pipeline of additional PDTs for other behavior-driven cardiometabolic diseases.”

“We are pleased to have the support and confidence of a leading lender like Hercules,” said Mark Heinen, interim chief financial officer of Better Therapeutics. “This financing provides Better Therapeutics with financial flexibility as we continue development with the aim of launching of our first regulated and prescribed PDT.”

“The Better Therapeutics team is at a clear inflection point in its mission to realize the promise of PDTs for the millions of people with type 2 diabetes and other cardiometabolic diseases,” said Cristy Barnes, managing director in Hercules’ Life Sciences Group. “We look forward to providing our support as they approach key milestones and beyond.”

The Better Therapeutics platform blends clinical, behavioral and psychological inputs into a series of cognitive behavioral therapy lessons and skill-building modules designed to shift neural pathways of the brain and treat the disease at its source through behavior change. Following marketing authorization, it is anticipated that primary care providers will prescribe and insurers will reimburse Better Therapeutics’ PDTs much like they would a traditional medication.

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