Lucosky Brookman Represents Modular Medical in $8.2 Million Public Offering
Congratulations to Modular Medical, Inc. (NASDAQ: MODD), a pioneering force in the insulin delivery technology sector, in successfully closing an $8.2 million firm commitment registered underwritten public offering.
This latest achievement underscores the company's position as the first FDA-cleared patch pump designed specifically to target all adult "almost-pumpers" with its user-friendly and affordable design.
The offering, which garnered strong support from existing institutional investors, consisted of 5,450,573 shares of common stock at $1.50 per share. Manchester Explorer, L.P., the largest shareholder of the Company managed by Modular Medical's Chief Executive Officer Jeb Besser, led the investment round
"This financing round represents a significant milestone in Modular Medical's journey to revolutionize insulin delivery technology," said a company spokesperson. "The strong support from our existing investors validates our vision and positions us to accelerate our growth as a leading innovator in diabetes care technology."
The net proceeds will fuel Modular Medical's ambitious development plans, including:
- Funding ongoing operations and working capital requirements
- Supporting strategic capital expenditures
- Advancing commercialization initiatives
- Enhancing business development activities
This successful financing highlights Modular Medical's innovative approach to insulin delivery technology. Founded by Paul DiPerna, a seasoned medical device professional who previously founded Tandem Diabetes and invented its t:slim insulin pump, the company's comprehensive approach focuses on eliminating the tradeoff between complexity and efficacy in insulin delivery systems.
Lucosky Brookman LLP represented Modular Medical in the offering. Titan Partners Group LLC, a division of American Capital Partners, LLC, acted as sole bookrunner for the offering.