Better Therapeutics completes business combination and debuts on Nasdaq

Trading will begin on the Nasdaq on October 29, 2021, under the ticker symbol BTTX

SAN FRANCISCO & NEW YORK, October 29, 2021– (BUSINESS WIRE) – Better Therapeutics, Inc., a digital prescription therapy (PDT) company providing cognitive behavioral therapy to address the root causes of cardiometabolic disease, today announced the completion of its combination with Mountain Crest Acquisition Corp II (Nasdaq: MCAD; “Mountain Crest II”), a publicly traded special purpose acquisition company or SPAC. The merged company will begin trading its shares on the Nasdaq under the ticker symbol “BTTX” on October 29, 2021.

The shareholders of Mountain Crest Acquisition Corp II approved the transaction at a special meeting held on October 27, 2021, and the transaction had previously been approved by the shareholders of Better Therapeutics. The Better Therapeutics leadership team, led by Co-Founder and CEO Kevin Appelbaum, will lead the company combined with Dr. Mark Berman, Medical Director, Kristin Wynholds, Chief Product Officer, and Mark Heinen, Interim Chief Financial Officer. .

“We envision a future where digital therapies are often the first written prescription to address the root causes of disease caused by patient behaviors,” said Appelbaum. “The completion of this transaction and the capital raised will be instrumental in helping our team lead the way in this transformation, starting with cardiometabolic disease. “

The proceeds of the transaction will be used to advance Better Therapeutics’ flagship product for the treatment of type 2 diabetes, BT-001, through clinical trials and the submission of a marketing authorization by Food and Drug Administration of the United States, and to advance its PDT pipeline for other cardiometabolic conditions.

“I am delighted to see the completion of yet another Mountain Crest franchise business combination, and Better Therapeutics is tackling an important mission of providing cognitive behavioral therapy in an accessible and scalable form,” said said Dr. Suying Liu, President and CEO. of the mountain ridge II. “Better Therapeutics’ strong leadership team and industry know-how gives us confidence that the company is well positioned to be a pioneer in the digital therapy space,” continued Dr. Liu.

The transaction generated approximately $ 70 million in gross proceeds from the business combination, a private investment in public capital (PIPE) from leading healthcare investors led by Farallon Capital Management, RS Investments , Sectoral Asset Management and Monashee Investment Management, and the first tranche of a Hercules Capital credit facility which was conditional on the closing of the business combination. The company has access to an additional $ 40 million of the Hercules Capital credit facility subject to certain milestones.

Cowen acted as the exclusive financial advisor and capital markets advisor for Better Therapeutics. Lake Street also acted as a capital markets advisor. Goodwin Procter LLP acted as legal counsel to Better Therapeutics in connection with the transaction. Chardan acted as exclusive M&A advisor and financial advisor to Mountain Crest II. Loeb & Loeb LLP acted as legal counsel to Mountain Crest II. Cowen acted as the exclusive placement agent for Mountain Crest II on the PIPE. Shearman & Sterling LLP acted as legal counsel to the Placement Agent.

About Better Therapeutics
Better Therapeutics is a digital prescription therapy (PDT) company developing a new form of cognitive behavioral therapy to address the root causes of cardiometabolic disease. The company has developed a proprietary platform for the development of FDA-regulated software solutions for type 2 diabetes, heart disease, and other conditions. The cognitive behavioral therapy provided by Better Therapeutics’ PDT is designed to enable changes in neural pathways in the brain so that lasting behavior changes become possible. Tackling the underlying causes of these diseases has the potential to dramatically improve patient health while reducing healthcare costs. Better Therapeutics’ clinically validated mobile apps 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. It is a blank check company formed for the purpose of effecting a merger, an exchange of shares, an acquisition of assets, a purchase of shares, a reorganization or a similar business combination with one or more companies. . Mountain Crest II’s efforts to identify a potential target business were not limited to any particular industry or geographic region, although the company intended to focus on operating activities in North America.

Forward-looking statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated benefits of the business combination. proposed, anticipated product use and may include statements for the period following completion of the proposed business combination and related transactions. Forward-looking statements are generally identified by words such as “plan”, “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “expect”, ” project “,” continue “,” “could”, “could”, “could”, “possible”, “potential”, “foresee”, “should”, “would” and other similar words and expressions, but the The absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are based on the current expectations of the management of Better Therapeutics and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statements. There can be no assurance that future developments will be those anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements, including: risks associated with Better’s strategies Therapeutics and its PDTs, such as the FDA’s desire to approve PDTs and insurance companies to reimburse their use; the ability to recognize the anticipated benefits of the business combination; other risks and uncertainties included under the heading “Risk Factors” in the proxy statement / definitive registration statement filed by Mountain Crest II on October 12, 2021.

BTTX-PR

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211029005096/en/

Contacts

Media contact
Heidi Chokeir, Ph.D.
[email protected]
+1 619 203 5391


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