Modular Medical (NASDAQ: MODD) is an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to target all adult “almost-pumpers” with its user-friendly and affordable design. The company recently announced its pricing of an underwritten public offering of 5,450,573 shares of its common stock. The offering was led by existing institutional investors, including the company’s largest shareholder, Manchester Explorer, L.P., and is managed by Jeb Besser, Modular Medical’s CEO. Gross proceeds to the company are expected at approximately $8.2 million, with shares of common stock each being sold at a price to the public of $1.50. Titan Partners Group, a division of American Capital Partners, is acting as sole bookrunner for the offering.
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About Modular Medical Inc.
Modular Medical is a development-stage medical device company that intends to launch the next generation of insulin delivery technology. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Its mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. For more information about the company, visit https://modular-medical.com.
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