Modular Med Inc Stock Price, News & Analysis

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.

Modular Medical has appointed Lynn O'Connor Vos as the new CEO, effective immediately, while founder Paul DiPerna transitions to Chairman and Chief Technology Officer. O'Connor Vos aims to enhance the company's insulin delivery system, targeting accessibility for the 3.5 million Americans needing intensive insulin therapy. With a background in healthcare leadership, she plans to pursue public-private partnerships and refine patient experiences. The company emphasizes affordable insulin pump technology for broader adoption, particularly in underserved communities.

Modular Medical, Inc. (OTCQB:MODD) announced the appointment of Lynn O'Connor Vos to its board of directors, bringing extensive healthcare expertise. Vos, a former CEO of Greyhealth Group, has a proven track record of driving revenue growth and establishing partnerships in the healthcare sector. Her leadership at the Muscular Dystrophy Association saw a significant organizational turnaround. CEO Paul DiPerna expressed confidence that Vos's insights will enhance Modular's market presence and commitment to improving diabetes care.

Modular Medical, Inc. (OTCQB:MODD) announced a private placement of $6.6 million in convertible promissory notes to advance its insulin delivery technology.

The funds will be used for software and firmware development for the MODD Pivot™ product and necessary third-party testing for a 510k submission to the FDA in 2021. The notes carry a 12% annual interest rate and will convert into common stock upon a future financing exceeding $12 million. Over 50% of the financing came from existing investors, highlighting strong support for the company's mission.

Modular Medical, Inc. (OTCQB: MODD) announced the formation of a multi-disciplinary Advisory Board to enhance its insulin delivery technology. This Board, composed of renowned health care professionals, will collaborate with leadership to boost development and commercialization efforts. CEO Paul DiPerna emphasized the Board's diverse expertise as vital for reflecting real-world patient care issues. The Board aims to address the accessibility and usability of insulin pumps, making them simpler and more affordable for diabetes patients.

Modular Medical, Inc. (OTCQB:MODD) announced the relocation to a new 7,300 square foot headquarters in San Diego, CA, enhancing R&D capabilities for insulin pump development. The facility features a clean-room manufacturing environment and environmentally controlled test labs, crucial for upcoming 510(k) submission and increased testing activity. With a current staff of 20 and plans to hire for key positions, Modular Medical aims to expand access to advanced diabetes technology for underserved markets. CEO Paul DiPerna emphasized the strategic timing of this move amidst ongoing technology validation.

Modular Medical, Inc. (OTCQB:MODD) has officially uplisted to the OTCQB Venture Market, aiming to enhance trading liquidity and market visibility. Following three years of development, the company plans to submit its product for FDA approval this year, with a commercial launch anticipated in 2022. CEO Paul DiPerna emphasizes the mission to provide accessible diabetes technology to underserved insulin-dependent patients. The OTCQB standards ensure financial transparency and compliance, supporting the company's growth in the competitive diabetes care market.