Digital therapeutics innovator, Click Therapeutics, has secured a $20 million term loan from HSBC Innovation Banking. The loan is intended to retire an existing debt and bolster the company's prescription digital therapeutic pipeline, a move that the company's CFO, Randall Stanicky, sees as a testament to Click's industry leadership and its progression towards profitability.
The funds will be used to further develop Click's collaborations on treatments for conditions such as major depressive disorder (MDD), schizophrenia, and substance use disorders. The company is also advancing a program focused on migraine prevention, with key data expected by 2024.
Click Therapeutics has made a name for itself in the field of FDA-regulated prescription treatments using software for patients with unmet medical needs. These treatments are accessible through smartphones and cover various areas including psychiatry, neurology, oncology, immunology, and cardiometabolic diseases.
HSBC Innovation Banking's Clark Hayes sees the partnership as an opportunity to align with a pioneering company in the digital therapeutic arena. The collaboration also leverages HSBC's international footprint, facilitated by their Wealth and Personal Banking division.
HSBC Bank USA provides services including Wealth and Personal Banking and Commercial Banking. The partnership with Click Therapeutics underscores HSBC's commitment to fostering innovation in the healthcare sector.
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