Welcome to our dedicated page for Modular Med news (Ticker: MODD), a resource for investors and traders seeking the latest updates and insights on Modular Med stock.
About Modular Medical Inc (NASDAQ: MODD)
Modular Medical Inc (MODD) is a development-stage medical device company dedicated to revolutionizing insulin delivery technology. With a mission to make diabetes care accessible and affordable for underserved communities, Modular Medical focuses on simplifying the adoption of insulin pump technology for individuals with Type 1 and Type 2 diabetes. The company's patented technologies aim to eliminate the tradeoff between complexity and clinical efficacy, offering a user-friendly and cost-effective solution that expands access to advanced diabetes management tools.
Core Technology and Product Offering
At the heart of Modular Medical's innovation is the MODD1, an FDA-cleared patch insulin pump designed to cater to all adults requiring insulin therapy. Unlike traditional insulin pumps, the MODD1 combines simplicity, affordability, and high clinical efficacy, making it an ideal choice for 'almost-pumpers'—individuals who have previously avoided pump technology due to cost, complexity, or usability concerns. The MODD1 features a reusable, low-cost electronic system, a prefill-ready 3mL reservoir, and an intuitive interface that minimizes training time and enhances usability. These features position the MODD1 as a transformative solution in the insulin delivery market.
Market Position and Industry Context
Modular Medical operates in the rapidly growing diabetes care market, which is projected to experience significant expansion due to the increasing prevalence of diabetes worldwide. The insulin pump segment, in particular, is poised for substantial growth as more patients transition from multiple daily injections to pump-based therapies. Modular Medical's focus on affordability and simplicity addresses a critical gap in the market, enabling broader adoption of insulin pump technology among previously underserved populations. By targeting both Type 1 and Type 2 diabetes patients, the company positions itself as a key player in a market segment with immense growth potential.
Competitive Advantages
Modular Medical differentiates itself through its commitment to accessibility and innovation. The company's patented technologies provide a significant competitive edge, creating barriers to entry for competitors. Additionally, its strategic partnerships, such as the collaboration with Nudge BG to develop a fully automated insulin delivery (AID) system, underscore its focus on advancing diabetes care. Unlike traditional AID systems, the Modular Medical-Nudge BG solution aims to reduce therapy complexity by automating mealtime insulin delivery, further enhancing the user experience.
Regulatory and Strategic Initiatives
Having secured FDA clearance for the MODD1, Modular Medical is now pursuing CE certification to expand its market reach into the European Union. The company's engagement with BSI Group as its notified body reflects its commitment to meeting stringent regulatory standards. Modular Medical's strategic focus on scaling manufacturing operations and optimizing its supply chain ensures readiness for high-volume production, positioning the company for long-term success in both domestic and international markets.
Commitment to Innovation and Accessibility
Founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer, Modular Medical leverages deep industry expertise to drive innovation. Prior to founding Modular Medical, Mr. DiPerna was instrumental in developing the t:slim insulin pump at Tandem Diabetes, showcasing a proven track record in advancing diabetes technology. Modular Medical's emphasis on affordability, simplicity, and clinical efficacy aligns with its mission to provide 'diabetes care for the rest of us,' making it a transformative force in the diabetes care industry.
Conclusion
Modular Medical Inc (MODD) is at the forefront of addressing critical barriers to insulin pump adoption, offering innovative solutions that combine simplicity, affordability, and efficacy. With a robust patent portfolio, strategic partnerships, and a focus on underserved markets, the company is well-positioned to redefine diabetes care and expand access to life-changing insulin delivery technology.
Modular Medical (NASDAQ:MODD) announced the appointment of Dr. Anne Peters to its Advisory Board, enhancing its focus on improving diabetes care in under-resourced communities. Dr. Peters, a leading diabetes clinician, will collaborate with Modular Medical's leadership as they finalize their FDA 510k submission. With over 200 publications and extensive research experience, Dr. Peters aims to leverage her expertise to enhance access to insulin delivery technology. The company is committed to achieving affordable and effective glycemic control for all diabetes patients.
Modular Medical, Inc. (NASDAQ:MODD) announced the appointment of Kevin Schmid as Chief Operating Officer, bringing over 40 years of experience in medical devices and drug delivery. Previously, Schmid served at Insulet Corporation, helping develop innovative drug delivery systems like the Omnipod. His expertise in high-volume manufacturing and operational leadership is expected to aid Modular Medical's transition to commercialization of its insulin delivery technology, aimed at improving affordability and access for diabetes management.
Modular Medical Inc. (NASDAQ:MODD) is set to present at the LD Micro Invitational XII Investor Conference on June 8, 2022, at 3:30 PM PT in Westlake Village, California. CEO Jeb Besser will hold one-on-one meetings with institutional investors and analysts throughout the event. Modular Medical aims to revolutionize insulin delivery with affordable, user-friendly insulin pump technology, improving access to glycemic control for individuals with diabetes. The company was founded by Paul DiPerna, known for his role in developing Tandem Diabetes' t:slim insulin pump.
Modular Medical, Inc. (NASDAQ:MODD) will present at the Spring Into Action - Best Ideas Virtual Investor Conference on May 18, 2022, at 1:00 p.m. ET. CEO Jeb Besser will discuss the company’s innovative insulin delivery technology aimed at making insulin pumps more affordable and user-friendly. The event will include one-on-one meetings with investors, and interested parties can view the presentation live or as a replay. Modular Medical aims to revolutionize diabetes management with its patented technologies, enhancing access to effective glycemic control.
Modular Medical (NASDAQ:MODD) announced a registered direct offering of 449,438 shares at $4.45 each, and pre-funded warrants to purchase 1,348,314 additional shares at $4.44 each. A concurrent private placement will issue warrants for 1,438,202 shares at an exercise price of $6.60, with expected gross proceeds of $8 million. The Company plans to utilize the funds for operations, product development, and general corporate purposes. Closing is expected around May 5, 2022, pending customary conditions.
Modular Medical Inc. (NASDAQ: MODD) announced its presentation at Oppenheimer's 32nd Annual Healthcare Conference on March 15, 2022. CEO Jeb Besser will represent the company in a virtual session starting at 8:40 am Eastern Time. A webcast of the presentation will be accessible at modular-medical.com/events and archived for 30 days. Modular Medical aims to launch innovative insulin pump technology, improving ease of use and affordability for diabetes management.
Modular Medical has appointed James "Jeb" Besser as its new CEO, effective immediately. Besser, with 25 years of experience in life sciences and technology, previously served as managing member of Manchester Management LLC, the company’s largest shareholder. Lynn Vos, the outgoing CEO since August 2021, remains on the board and will assist in marketing strategies. The company also reaffirmed its timeline for the 510(k) submission of its next-generation MODD1 insulin pump to the FDA, expected in Q2 2022, aiming to improve access to insulin delivery technology.
Modular Medical, Inc. (NASDAQ:MODD) has priced its underwritten public offering of 2,500,000 units at $6.00 each, with expected gross proceeds of $15 million. Each unit comprises one share and one warrant. The proceeds will fund corporate purposes, sales infrastructure, R&D, production capabilities, and repayment of a promissory note. The company’s common stock is now approved for listing on the Nasdaq Capital Market starting February 10, 2022. The offering is set to close on February 14, 2022.
Modular Medical, Inc. (OTCQB:MODD) has expanded its Board of Directors by appointing Steven G. Felsher and Philip B. Sheibley as independent directors. CEO Lynn O'Connor Vos highlighted their extensive experience, which will be invaluable as the company aims to enhance insulin pump technology for better diabetes care, particularly for underserved communities. Felsher brings over 30 years of financial and management expertise, while Sheibley focuses on life sciences consulting, further strengthening the company's leadership as it prepares for product commercialization.
Modular Medical, Inc. (OTCQB:MODD) announced a 1-for-3 reverse stock split effective November 29, 2021, aimed at meeting the Nasdaq Capital Market listing requirements, specifically a minimum stock price of $4.00. The company’s common stock will initially trade as MODDD before reverting to MODD after 20 business days. The reverse split consolidates shares, ensuring no fractional shares are issued. Modular Medical is committed to providing innovative insulin delivery solutions for diabetes management. There are no assurances on meeting all Nasdaq requirements or securing uplisting approval.
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