Provides up to $150 million in total financing
in combination with proceeds from previously announced SPAC merger
and PIPE investment
Funds to support advancement of clinical
pipeline and commercialization of first prescription digital
therapeutic (PDT) for treating type 2 diabetes
Better Therapeutics, Inc. (“Better Therapeutics”), a
prescription digital therapeutics company developing cognitive
behavioral therapy to address the root causes of cardiometabolic
diseases, today announced it has secured a loan facility for up to
$50 million from Hercules Capital, Inc. (NYSE: HTGC).
“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.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) a specialty finance company
focused on providing senior secured venture growth loans to
high-growth, innovative venture capital-backed companies in a broad
variety of technology, life sciences and sustainable and renewable
technology industries. Since inception in 2003, Hercules has
committed more than $12 billion to over 530 companies and is the
lender of choice for entrepreneurs and venture capital firms
seeking growth capital financing. Companies interested in learning
more about financing opportunities should contact info@htgc.com, or
call 650-289-3060.
About Better Therapeutics
Better Therapeutics is a prescription digital therapeutics (PDT)
company developing a novel form of cognitive behavioral therapy to
address the root causes of cardiometabolic diseases. The company
has developed a proprietary platform for the development of
FDA-regulated, software-based solutions for type 2 diabetes, heart
disease and other conditions. The cognitive behavioral therapy
delivered by Better Therapeutics’ PDT is designed to enable changes
in neural pathways of the brain so lasting changes in behavior
become possible. Addressing the underlying causes of these diseases
has the potential to dramatically improve patient health while
lowering healthcare costs. Better Therapeutics clinically validated
mobile applications are intended to be prescribed by physicians and
reimbursed like traditional medicines. For more information, visit:
bettertx.com.
About Mountain Crest Acquisition Corp. II
Mountain Crest Acquisition Corp. II is a blank check company
formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses. Mountain Crest II ’s
efforts to identify a prospective target business will not be
limited to a particular industry or geographic region, although the
company intends to focus on operating businesses in North
America.
Additional Information
On April 6, 2021, Better Therapeutics entered into a definitive
merger agreement with Mountain Crest Acquisition Corp. II (Nasdaq:
MCAD) (“Mountain Crest II”), a special purpose acquisition company
for a proposed business combination.
In connection with the proposed business combination between
Mountain Crest II and Better Therapeutics, Mountain Crest II has
filed a registration statement on Form S-4 containing a proxy
statement/prospectus (the “Form S-4”) with the Securities and
Exchange Commission (the “SEC”). The Form S-4 includes a proxy
statement to be distributed to holders of Mountain Crest II’s
common stock in connection with Mountain Crest II’s solicitation of
proxies for the vote by Mountain Crest II’s shareholders with
respect to the proposed transaction and other matters as described
in the Form S-4, as well as the prospectus relating to the offer of
securities to be issued to Better Therapeutics’ stockholders in
connection with the proposed business combination. After the Form
S-4 has been declared effective, Mountain Crest II will mail a
definitive proxy statement, when available, to its stockholders.
Investors and security holders and other interested parties are
urged to read the Form S-4, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Mountain Crest II, Better Therapeutics and the
proposed business combination. Additionally, Mountain Crest II will
file other relevant materials with the SEC in connection with the
business combination. Copies of these documents may be obtained
free of charge at the SEC's web site at www.sec.gov.
Securityholders of Mountain Crest II are urged to read the Form S-4
and the other relevant materials when they become available before
making any voting decision with respect to the proposed business
combination because they will contain important information.
Participants in the Solicitation
Mountain Crest II and its directors and executive officers may
be deemed participants in the solicitation of proxies with respect
to the proposed business combination under the rules of the SEC.
Securityholders may obtain more detailed information regarding the
names, affiliations, and interests of certain of Mountain Crest
II’s executive officers and directors in the solicitation by
reading Mountain Crest II’s Form S-4 and other relevant materials
filed with the SEC in connection with the proposed business
combination. Information about Mountain Crest II’s directors and
executive officers and their ownership of Mountain Crest II common
stock is set forth in Mountain Crest II’s annual report on Form
10-K for the year ended December 31, 2020, dated March 30, 2021, as
modified or supplemented by any Form 3 or Form 4 filed with the SEC
since the date of that filing. Other information regarding the
interests of Mountain Crest II’s participants in the proxy
solicitation, which in some cases, may be different than those of
their stockholders generally, are set forth in the Form S-4
relating to the proposed business combination. These documents can
be obtained free of charge at the SEC's web site at
www.sec.gov.
Better Therapeutics and its directors and executive officers may
also be deemed to be participants in the solicitation of proxies
from the stockholders of Mountain Crest II in connection with the
proposed business combination. A list of the names of such
directors and executive officers and information regarding their
interests in the proposed business combination are included in the
Form S-4 for the proposed business combination.
Non-Solicitation
This press release shall not constitute a solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed business combination. This press release
shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but
are not limited to, statements regarding the delivery of cognitive
behavioral therapy and/ or prescription digital therapeutics by
Better Therapeutics to address the root causes of type 2 diabetes
and other cardiometabolic diseases; development of a proprietary
platform and software-based solutions for treatment of type 2
diabetes, heart disease and other conditions; achievement of
changes in neural pathways of the brain and lasting changes in
behavior through cognitive behavioral therapy delivered by Better
Therapeutics’ PDT; the capability of Better Therapeutics to address
the underlying causes of certain diseases and its related potential
to improve patient health while lowering healthcare costs; the
potential for Better Therapeutics’ clinically validated mobile
applications to be prescribed by physicians and reimbursed like
traditional medicines; potential and significance of the results of
the pivotal study of BT-001 or any clinical or other trial; the
potential success of BT-001 as a prescribed treatment used under
physician supervision for people with uncontrolled type 2 diabetes;
the possibility for the results of the pivotal study to support a
regulatory submission for marketing authorization from the FDA; the
potential timing of, Better Therapeutics’ expected progress towards
developing and obtaining FDA approval for its products, related
research and validation studies; the future financial stability,
strength or success of Better Therapeutics; the successful or
positive impact of any financing transaction may have on Better
Therapeutics’ business, including advancing Better Therapeutics’
pipeline of additional PDTs for other behavior-driven
cardiometabolic diseases; statements as to the expected timing,
completion and effects of the merger, any financing or debt
transaction. In addition, any statements that refer to projections
(including EBITDA, adjusted EBITDA, EBITDA margin and revenue
projections), forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are
forward-looking statements. Forward-looking statements are
typically identified by words such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, but the absence of these words does not mean that
a statement is not forward-looking. Any forward-looking statements
in this press release are based on management’s current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, the risk that the FDA may not be satisfied
with the design of any of Better Therapeutics’ studies and trials,
and even satisfied, payers may not reimburse BT-001, if approved,,
the risk that the results of previously conducted studies will not
be repeated or observed in ongoing or future studies involving our
product candidates, the risk that the current COVID-19 pandemic
will impact Better Therapeutics’ platform validation, product
testing, the timing of the Better Therapeutics’ submission of the
BT-001 for marketing approval from the FDA and other operations,
and the risk that the Merger, any financing or debt transaction may
not be completed in a timely manner or at all. For a discussion of
other risks and uncertainties, and other important factors, any of
which could cause Better Therapeutic’s actual results to differ
from those contained in the forward-looking statements, see the
section entitled “Risk Factors” in Mountain Crest II’s filings on
file with the Securities and Exchange Commission, available at the
Securities and Exchange Commission’s website at www.sec.gov, and as
well as discussions of potential risks, uncertainties and other
important factors in Mountain Crest II and/or Better Therapeutics’
subsequent/future filings, if any, with the Securities and Exchange
Commission. All information in this press release is as of the date
of the release, and the Company undertakes no duty to update this
information unless required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210825005022/en/
Hercules Capital Media Contact Michael Hara
mhara@htgc.com 650-433-5578
Better Therapeutics Media Contact Heidi Chokeir, Ph.D.
heidi.chokeir@canalecomm.com +1 619 203 5391
Hercules Capital (NYSE:HTGC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hercules Capital (NYSE:HTGC)
Historical Stock Chart
From Sep 2023 to Sep 2024