Modular Medical (NASDAQ: MODD), a development-stage insulin delivery technology company seeking to launch the next generation of easy-to-use and affordable insulin pump technology, previously announced the pricing of its underwritten public offering of 9,090,910 shares of its common stock. The offering is led by Manchester Explorer, L.P., which is managed by Jeb Besser, Modular Medical’s chief executive officer, Morgan Frank, a member of the company’s board of directors, as well as other existing institutional investors. The shares of common stock are each being sold at a price to the public of $1.10. In addition, Modular Medical granted the underwriter a 30-day option to purchase up to 1,321,989 additional shares of its common stock. The company expects approximately $10 million in gross proceeds from the offering, of which it intends to use the net to fund operations and for working capital and general corporate purposes. Titan Partners Group, a division of American Capital Partners, is acting as sole book-running manager for the offering.
To view the full press release, visit https://ibn.fm/VfXPC
About Modular Medical Inc.
Modular Medical is a development-stage medical device company that intends to launch the next generation of insulin delivery technology. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Its mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. For more information about the company, visit https://modular-medical.com.
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