Welcome to our dedicated page for Modular Medical news (Ticker: MODD), a resource for investors and traders seeking the latest updates and insights on Modular Medical stock.
Modular Medical Inc., based in Beacon House Orchard Farm Ivinghoe Aston, Buckinghamshire, United Kingdom, is a development-stage medical device company focused on designing, developing, and commercializing an insulin pump using modernized technology to increase pump adoption in the diabetes marketplace. Their products target both type 1 and rapidly growing type 2 diabetes markets, especially in terms of device adoption.
The latest news from Modular Medical Inc. announced their commencement of an underwritten public offering of shares of its common stock to fund operations and maintain working capital. Titan Partners Group, a division of American Capital Partners, is the sole book-running manager for the offering. The company intends to utilize the net proceeds from the offering for capital expenditures and general corporate purposes.
Modular Medical's mission is to provide top-quality insulin delivery that is both affordable and easy to learn, extending glycemic control access to a wider audience. The company's founder, Paul DiPerna, is a seasoned medical device professional with a background in microfluidics engineering and an innovative history in the diabetes market, previously founding Tandem Diabetes and its t:slim insulin pump.
Modular Medical (NASDAQ:MODD) has announced a licensing and partnership agreement with Nudge BG to develop an adaptive full closed loop Automated Insulin Delivery (AID) system that doesn't require mealtime announcements. The collaboration aims to create a system that automatically manages mealtime insulin delivery, eliminating the need for manual bolusing while maintaining glycemic goals.
The partnership combines Modular Medical's FDA-cleared MODD1 insulin pump with Nudge BG's AID technology, targeting the approximately 80% of potential adopters who find current systems too complex, cumbersome, and costly. The system will make small insulin delivery adjustments based on continuous glucose monitor inputs, making diabetes management less burdensome for users.
Modular Medical (Nasdaq: MODD), a company specializing in FDA-cleared patch pump technology for insulin delivery, has announced a conference call and webcast scheduled for December 5, 2024, at 10:00 a.m. Eastern Time. The company will provide a business update during this call.
Participants can join via phone using 1-888-506-0062 (US) or +1-973-528-0011 (International) with passcode 494842. A webcast replay will be available on the company's website, and a conference call replay will be accessible until December 19, 2024, using 1-877-481-4010 (US) or 1-919-882-2331 (International) with passcode 51725.
Modular Medical (Nasdaq:MODD) has priced an underwritten public offering of 5,450,573 shares of common stock at $1.50 per share, expected to raise approximately $8.2 million in gross proceeds. The offering was led by existing institutional investors, including Manchester Explorer, L.P., the company's largest shareholder. Titan Partners Group is acting as sole bookrunner. The proceeds will fund operations, working capital, and general corporate purposes, including capital expenditures. The offering is expected to close around November 25, 2024.
Modular Medical (NASDAQ:MODD), a company specializing in FDA-cleared patch pump technology for insulin delivery, has announced the launch of an underwritten public offering of common stock and pre-funded warrants. The company has granted the underwriter a 30-day option to purchase up to an additional 15% of the aggregate shares or warrants. Titan Partners Group, a division of American Capital Partners, will serve as the sole bookrunner. The offering is being conducted under an effective S-3 shelf registration statement previously filed with the SEC.
Modular Medical (NASDAQ:MODD) announced its Gold sponsorship of the inaugural Achieving Diabetes Equity in Practice Today (ADEPT) Conference, scheduled for November 12-13, 2024, in Chicago. The conference, a joint initiative between the American Diabetes Association and T1D Exchange, aims to address health equity in type 1 and type 2 diabetes. The company, which recently received FDA clearance for its user-friendly and affordable patch pump MODD1, will use the conference to showcase its product and plans to improve patient access to diabetes technology.
Tribe Public announced a webinar event titled 'Tailoring GLP-1 Weight Loss Treatments: Innovative Approaches To Personalized Dosing' featuring Modular Medical's CEO Jeb Besser, scheduled for Monday, November 11, 2024. The event highlights the connection between obesity and diabetes, noting that obesity is linked to 30% to 53% of new diabetes cases in the U.S. annually, according to research published in the Journal of the American Heart Association.
Modular Medical (NASDAQ:MODD) announced successful results from its pre-clinical GLP-1 proof of concept study. The study demonstrated enhanced weight loss and blood glucose control using a pump-delivered rapid-acting GLP-1 with both basal and bolus dosing. The highest basal-bolus dose achieved 17.1% weight loss at 28 days, compared to 13.7% with basal alone. All dosing variations outperformed semaglutide in glucose control. The study involved 5 treatment arms, with semaglutide showing 24.9% weight loss but with a sharp 8% drop in the first two days. The company plans to advance this basal-bolus GLP-1 concept to human trials using their MODD1 device.
Modular Medical (NASDAQ:MODD), an insulin delivery technology company, will participate in the Lytham Partners Fall 2024 Investor Conference on October 1, 2024. The company, known for its FDA-cleared patch pump designed for adult 'almost-pumpers', will present a webcast at 2:00 p.m. Eastern Time on Tuesday, October 1. The webcast can be accessed via the conference home page and will be available for replay.
Additionally, Jeb Besser, Modular Medical's Chief Executive Officer, will host virtual one-on-one meetings with investors throughout the event. Interested parties can arrange meetings or register for the event through Lytham Partners.
Modular Medical (NASDAQ:MODD) has announced the issuance of U.S. Divisional Patent Application No. 17/968,599, covering key aspects of its core pumping technology. This patent protects major features of the pumping mechanism in the FDA-cleared MODD1 product, the first patch pump designed for all adult 'almost-pumpers'. CEO Jeb Besser highlighted the significance of this patent in protecting the company's intellectual property and creating a barrier to entry.
The patent is part of Modular Medical's eight families of patents surrounding their pump technology, which the company considers important to its strategic value and market positioning. The MODD1 pump platform is characterized by its user-friendly, affordable design and novel, low-cost, and accurate insulin delivery technology. The company anticipates announcing further patent issuances in the future.
Modular Medical (NASDAQ:MODD) has finalized the protocol for a proof-of-concept study exploring the use of its MODD1 pump platform for delivering rapid-acting GLP-1 therapies. The study, set to begin in October 2024 with data expected in November 2024, aims to address issues faced by patients who discontinue long-acting GLP-1 formulations due to tolerability, inconsistent efficacy, and cost.
The company sees potential in using the MODD1 pump for personalized metabolic therapy, particularly for those who struggle with weekly GLP-1 injections. This application would require no significant changes to the MODD1 design. If successful, Modular Medical plans to partner with a drug manufacturer for clearance and marketing.
CEO Jeb Besser will discuss the program details in a Tribe Public Webinar on September 11, 2024. The company believes this new application could be as significant as its base insulin pump business, targeting a market of patients who cannot tolerate weekly therapies.
FAQ
What is the current stock price of Modular Medical (MODD)?
What is the market cap of Modular Medical (MODD)?
What is Modular Medical Inc.'s primary focus?
Who is the founder of Modular Medical Inc.?
What recent event did Modular Medical Inc. announce?
Who is managing the underwritten public offering for Modular Medical Inc.?
What is Modular Medical Inc.'s mission?
What are the markets targeted by Modular Medical Inc.'s products?
What are the intended uses of the net proceeds from the public offering?
What is the geographical location of Modular Medical Inc.?
What is the background of Steve Gemmell, the newly appointed Vice President of Engineering at Modular Medical Inc.?
What milestone did Modular Medical Inc. achieve recently?
