Modular Medical, which is developing a wearable insulin pump device, filed on Tuesday with the SEC to raise up to $35 million in an initial public offering. The company is currently listed on the OTC (MODD).
Modular Medical is a development stage medical device company focused on the design, development, and commercialization of a novel two-part patch insulin pump called MODD1. The company seeks to expand the wearable insulin delivery device market and expand the category into the mass market, serving both the type 1 and type 2 diabetes markets. The pre-production models of its insulin pump are undergoing testing required to submit to the FDA for clearance to market in the US. Modular expects to submit its product to the FDA in March 2022 through a premarket notification process.
The San Diego, CA-based company was founded in 1998 and plans to list on the Nasdaq under the symbol MODD. Oppenheimer & Co. is the sole bookrunner on the deal. No pricing terms were disclosed.
