Modular Medical, Inc. Prices IPO at $12.49 Per Share (MODD)

Modular Medical, Inc. (MODD) plans to raise $30 million in an initial public offering on the week of January 17th, IPO Scoop reports. The company plans to issue 2,400,000 shares at $12.49 per share.

The company has a market-cap of $118.8 million.

Oppenheimer & Co. served as the underwriter for the IPO and The Benchmark Company and Lake Street were co-managers.

Modular Medical, Inc. provided the following description of their company for its IPO: “(Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTCQB market. IPOScoop has NO CALL on uplistings.) Modular Medical is a development stage medical device company focused on the design, development, and commercialization of an innovative insulin pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part patch pump, our MODD1 product candidate, or MODD1, the Company seeks to fundamentally alter the trade-offs between cost and complexity and access to the higher standards of care that presently available insulin pumps provide. By simplifying and streamlining the user experience from introduction, prescription, reimbursement, training and day-to-day use, we seek to expand the wearable insulin delivery device market beyond the highly motivated “super users” and expand the category into the mass market. The product candidate seeks to serve both the type 1 and the rapidly growing, especially in terms of device adoption, type 2 diabetes markets. (Note: Net loss is for the six months ended Sept. 30, 2021.)    “.

Modular Medical, Inc. was founded in and has employees. The company is located at 16772 W. Bernardo Drive San Diego, California 92127 and can be reached via phone at 858) 800-3500.

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