Modular Medical, which is developing a wearable insulin pump device, announced terms for its IPO on Thursday.
The San Diego, CA-based company plans to raise $30 million by offering 2.4 million shares at a price of $12.49, the January 10th last reported sale price of its shares on the OTCQB (MODD). At the midpoint of the proposed range, Modular Medical would command a fully diluted market value of $130 million.
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.
Modular Medical was founded in 1998 and plans to list on the Nasdaq under the symbol MODD. Oppenheimer & Co. is the sole bookrunner on the deal. It is expected to price during the week of January 17, 2022.
