Modular Medical, which is developing a wearable insulin pump device, raised $15 million by offering 2.5 million units at $6, below the last close of its shares on the OTCQB ($7.90). Each unit consists of one share of common stock and one warrant, exercisable at $6.60 (110% of the IPO price). The company offered 0.9 million more units than anticipated. It originally planned to offer 2.4 million shares before lowering the offering and adding warrants on Monday.
Because the company offered units with warrants attached, Modular Medical will be excluded from Renaissance Capital's stats.
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 plans to list on the Nasdaq under the symbol MODD. Oppenheimer & Co. acted as sole bookrunner on the deal.
