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Modular Medical, Inc. reports developments tied to its diabetes-focused medical device business and its Pivot tubeless insulin patch pump. The company is a development-stage insulin delivery technology company using patented technologies to support insulin pump adoption among people with diabetes. Pivot is described as a two-part tubeless patch pump with a removable 3 mL reservoir, disposable battery, and smartphone connectivity for bolus and monitoring.
Recurring MODD news includes FDA 510(k) clearance for Pivot, manufacturing validation, commercial-readiness updates, investor presentations, Nasdaq listing compliance, reverse stock split actions, shareholder voting matters, capital-structure disclosures, governance updates, and operating and financial results.
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.