Announcement • Apr 23
Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $100 million. Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $100 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Apr 21
Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $3.375 million. Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $3.375 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 750,000
Price\Range: $4.5
Discount Per Security: $0.315
Transaction Features: Registered Direct Offering New Risk • Feb 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$35.0m market cap). Announcement • Feb 27
Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $12 million. Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $12 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 23,571,007
Price\Range: $0.5091
Discount Per Security: $0.035637
Security Name: Warrants
Security Type: Equity Warrant
Securities Offered: 23,571,007
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 23,571,007 Announcement • Feb 24
Modular Medical, Inc. announced that it has received $0.35 million in funding Modular Medical, Inc. announced a private placement of promissory note for the gross proceeds of $350,000 from new lender James E. Besser on February 23, 2026. The note carry interest at the rate of 12% is payable on each draw down without regard to the draw down date or the date when interest is paid and maturity of March 25, 2026. New Risk • Feb 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$26m free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$35.1m market cap). Announcement • Jan 01
Modular Medical Receives 180-Day Extension to Regain Compliance with Nasdaq Minimum Bid Price Rule Modular Medical, Inc. announced the Company received written notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), granting the Company’s request for a 180-day extension to regain compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5810(c)(3)(A) (the “Bid Price Rule”). The Company now has until June 29, 2026 to meet the requirement. If at any time prior to June 29, 2026, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the Bid Price Rule. If the Company does not regain compliance with the Bid Price Rule during the additional 180-day extension, Nasdaq will provide written notification to the Company that its common stock will be delisted. At that time, the Company may appeal the relevant delisting determination to a Hearings Panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful. The Company will continue to monitor the closing bid price of its common stock and evaluate its available options to regain compliance with the Bid Price Rule. Nasdaq’s extension notice has no immediate effect on the listing or trading of the Company's common stock, which continues to trade on the Nasdaq Capital Market under the ticker symbol, “MODD”. Announcement • Dec 31
Modular Medical, Inc., Annual General Meeting, Jan 23, 2026 Modular Medical, Inc., Annual General Meeting, Jan 23, 2026. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (US$28.7m market cap). Announcement • Oct 07
Modular Medical, Inc. Appoints David Bosshard as Head of International Operations Modular Medical, Inc. announced the appointment of David Bosshard as Head of International Operations. With two decades of expertise in scaling similar tubeless insulin delivery systems across Europe and beyond, Mr. Bosshard will drive Modular Medical's global strategy, leveraging his success in launching blockbuster products, such as Insulet's Omnipod and Ypsomed's YpsoPump, to position the Company for international growth in the rapidly expanding wearable diabetes technology sector. Key highlights of Bosshard's expertise and strategic impact: Led the successful launch of Insulet's Omnipod patch pump in Europe at Ypsomed AG from 2010 to 2017, growing the user base to nearly 70,000, while overseeing business operations for 13 country affiliates, including product distribution and marketing support; and as product area leader, spearheaded the 2017 launch of YpsoPump, driving CGM and AID integrations to deliver disruptive therapy outcomes; the system has since been distributed in over 20 countries across Europe, Australia and Canada. Announcement • Jul 03
Modular Medical Receives Nasdaq Non-Compliance Letter Regarding Minimum Bid Price Requirement On June 30, 2025, Modular Medical, Inc. (the “Company”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock (“Common Stock”) for the 30 consecutive business days ending on June 27, 2025, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until December 29, 2025, in which to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company’s Common Stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. In the event the Company does not regain compliance within this 180-day period, the Company may be eligible to seek an additional compliance period of 180 calendar days provided it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and further provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its Common Stock will be subject to delisting. The above mentioned letter does not result in the immediate delisting of the Company’s Common Stock from the Nasdaq Capital Market. The Company is monitoring the closing bid price of its Common Stock and considering its available options in the event the closing bid price of the Company’s Common Stock remains below $1 per share. New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$40.4m market cap). Announcement • Jun 22
Modular Medical, Inc. Auditor Raises 'Going Concern' Doubt Modular Medical, Inc. filed its Annual on Jun 20, 2025 for the period ending Mar 31, 2025. In this report its auditor, Farber Hass Hurley LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. New Risk • Jun 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$18m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$40.4m market cap). New Risk • Mar 24
New major risk - Revenue and earnings growth Earnings have declined by 21% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$46.4m market cap). Announcement • Mar 21
Modular Medical, Inc. announced that it expects to receive $11.9955 million in funding Modular Medical, Inc. announced a definitive subscription agreement with institutional and accredited investors for issuance of 6,247,656 units at a price of $1.92 per unit for gross proceeds of $11,995,499.52 on March 20, 2025. Each unit comprised of two common shares and one warrant. In connection with the private placement, the company will issue 12,495,312 shares and warrants to purchase 6,247,656 shares. Each warrant will be immediately exercisable and entitles the holder to acquire one share of common stock at an exercise price of $1.12 per share, for a period of four years following the closing of the offering. The private placement is expected to close on or about March 25, 2025, subject to the satisfaction of customary closing conditions. The transaction will include participation from certain officers and directors of the company intend to purchase a total of 374,478 units. New Risk • Feb 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$17m free cash flow). Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$16m net loss next year). Market cap is less than US$100m (US$46.2m market cap). Announcement • Jan 27
Modular Medical, Inc., Annual General Meeting, Feb 28, 2025 Modular Medical, Inc., Annual General Meeting, Feb 28, 2025. Recent Insider Transactions • Dec 02
Chief Executive Officer recently bought US$169k worth of stock On the 27th of November, James Besser bought around 100k shares on-market at roughly US$1.69 per share. This transaction amounted to 69% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Duane DeSisto was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 22
Modular Medical, Inc. has filed a Follow-on Equity Offering. Modular Medical, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Security Name: Prefunded Warrants
Security Type: Equity Warrant Announcement • Nov 08
Modular Medical, Inc. Announces Results from a Successful GLP-1 Proof of Concept Study Modular Medical, Inc. announced successful results from its pre-clinical GLP-1 proof of concept study. As expected, none of the rapid acting GLP-1 arms matched the overall weight loss effect of the semaglutide arm. Notably, however, the semaglutide treated mice lost 8% of their body weight in the first two days of treatment as food and water intake was almost entirely absent. The rapid acting GLP-1 pump-treated mice had a much smoother initiation of treatment, as measured by body weight and food and water intake. While the full details of the study will be presented in subsequent communications, the topline data for weight loss in the diet-induced obese mouse model used is as set forth: The study was conducted across 5-arms. Dosing and corresponding body weight loss at 28 days were: Arm 1: Vehicle /no active drug 4.69%; Arm 2: 30 mcg basal with 20 mcg bolus once daily 13.82%; Arm 3: 50 mcg basal only 13.66%; Arm 4: 50 mcg basal with 20 mcg bolus once daily 17.09%; Arm 5: Semaglutide bolus daily 24.9% (8% in first 2 days). Announcement • Sep 11
Modular Medical, Inc. Announces Finalization of Protocol for GLP-1 Personalized Metabolic Therapy Study Utilizing the Modd1 Platform Modular Medical, Inc. announced an update on its proof-of-concept study in a high-fat diet-induced obese (‘DIO’) mouse model to explore the potential future use of the MODD1 pump platform to assist patients who struggle with tolerability, inconsistent efficacy, and cost of long acting GLP-1 therapies. The Company has finalized its protocol for the proof-of concept study, which is now expected to commence in October 2024 with data readout in November 2024. MODD will seek to determine whether an existing FDA approved short-acting peptide delivered from a pump platform can provide a more personalized and more tolerable solution for patients who found long acting GLP-1 drugs too difficult to tolerate, while delivering comparable glycemic control and weight loss, specifically for people with type 2 diabetes and obesity. Announcement • Sep 05
Modular Medical, Inc Announces FDA Clearance of the MODD1 Insulin Pump Modular Medical, Inc. announced it has received U. S. Food and Drug Administration ("FDA") clearance to market and sell its MODD1 pump in the United States. With its commercial manufacturing infrastructure substantially established, the Company anticipates the MODD1 should be available for sale in early 2025. Modular Medical will hold a conference call to discuss the clearance of the MODD1 pump, as well as next steps and milestones. Details for the conference call will be announced when available. Major Estimate Revision • Aug 28
Consensus revenue estimates decrease by 40%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$1.18m to US$700.0k. EPS estimate increased from -US$0.725 to -US$0.46 per share. Medical Equipment industry in the US expected to see average net income growth of 19% next year. Consensus price target up from US$5.00 to US$8.00. Share price rose 7.8% to US$1.80 over the past week. New Risk • Jun 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$13m net loss in 3 years). Market cap is less than US$100m (US$45.9m market cap). New Risk • Feb 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$13m net loss in 3 years). Market cap is less than US$100m (US$27.5m market cap). New Risk • Feb 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Shareholders have been substantially diluted in the past year (95% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$13m net loss in 3 years). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (US$27.0m market cap). Announcement • Jan 09
Modular Medical, Inc., Annual General Meeting, Feb 13, 2024 Modular Medical, Inc., Annual General Meeting, Feb 13, 2024, at 08:00 Pacific Standard Time. Agenda: To elect seven directors; to approve the amendment of the Amended 2017 Equity Incentive Plan (the 2017 Plan) to increase the number of shares available for issuance by 3,000,000 shares; to approve an amendment of the Articles of Incorporation, as amended, to increase the number of authorized shares of common stock from 50,000,000 shares to 100,000,000 shares; to ratify the appointment of Farber Hass Hurley LLP as independent registered public accounting firm for the fiscal year ending March31, 2024; and to consider other business issues. Announcement • Nov 24
Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $6.5 million. Modular Medical, Inc. has filed a Follow-on Equity Offering in the amount of $6.5 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Nov 01
Modular Medical, Inc. Updates Test Progress and Submission Timeline Modular Medical, Inc. provided an update on its ongoing pre-submission testing and timeline for submission of its MODD-1 insulin pump (the "MODD-1") to the U.S. Food and Drug Administration ("FDA"). The Company has made substantial progress on completing many of the tests required for submission and now has results back from some of the longest lead time tests, including insulin stability and potential. Modular Medical believes the test results received from multiple third-party laboratory tests are sufficient for submission of the MODD1 to the FDA for clearance, subject to the completion of other ongoing tests and reports. Recent Insider Transactions • Sep 03
Director recently bought US$156k worth of stock On the 31st of August, Morgan Frank bought around 146k shares on-market at roughly US$1.07 per share. This transaction increased Morgan's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jul 07
Modular Medical, Inc. Announces Appointment of Duane DeSisto to its Board of Directors Modular Medical, Inc. announced the appointment of medical device industry leader Duane DeSisto to its board of directors. Mr. DeSisto was previously President, CEO and Director of Insulet Corporation, developers of the OmniPod Insulin Management System, before retiring in 2014. Mr. DeSisto served as President and CEO of Insulet from 2001 to 2014, where he led the creation and commercial adoption of the Company's debut product, OmniPod, the world's first tubing-free disposable insulin pump. Under Mr. DeSisto, Insulet grew from an early-stage company to a market cap of more than $2 billion and was nationally recognized for its technology design and rapid growth, including being listed fourth on Forbes' Most Innovative Growth Companies in 2014 with five-year average sales growth of 47 percent. Prior to that, he served as Chief Financial Officer of AAI-Foster Grant and Zoll Medical Corporation. New Risk • Jul 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$13m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$15m net loss in 3 years). Market cap is less than US$100m (US$21.5m market cap). Announcement • May 18
Modular Medical, Inc. has completed a Composite Units Offering in the amount of $9.389999 million. Modular Medical, Inc. has completed a Composite Units Offering in the amount of $9.389999 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 4,408,450
Price\Range: $2.13
Discount Per Security: $0.1491 Announcement • Jan 26
Modular Medical, Inc. Provides Update on FDA Submission Strategy Modular Medical, Inc. provided an update on its insulin pump product. In the process of assessing and optimizing materials and sterilization processes for its MODD-1 insulin pump (the "MODD-1"), the Company has made sufficient progress on the full commercial version of the product that it now believes that the use of this commercial version for pre-submission validation testing constitutes its best and most cost-effective path forward. The full commercial version was designed in partnership with a tier-1, medical product manufacturer, and the Company believes that this new version will address all prior material compatibility issues, improve cost of goods and usability, and reduce redundant testing of different versions of the MODD-1. Given the expected arrival time of key production equipment and the resulting timing of tests of both the equipment and the product itself, the Company now expects to make its submission to the U.S. Food and Drug Administration ("FDA") during the quarter ended December 31, 2023. Announcement • Dec 21
Modular Medical, Inc., Annual General Meeting, Jan 17, 2023 Modular Medical, Inc., Annual General Meeting, Jan 17, 2023, at 08:00 Pacific Standard Time. Agenda: To consider and elect seven directors to hold office for a one year term and until each of successors are elected and qualified, to consider and approve the amendment of the Amended 2017 Equity Incentive Plan to increase the number of shares available for issuance by 2,000,000 shares, to consider and approve, on a non-binding advisory basis, the compensation of named executive officers, as disclosed in the accompanying Proxy Statement, to consider and recommend, on a non-binding advisory basis, the frequency of future advisory votes on the compensation of named executive officers, to consider and ratify the appointment of Farber Hass Hurley LLP as independent registered public accounting firm for the fiscal year ending March 31, 2023; and to transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Announcement • Nov 29
Modular Medical, Inc. Announces Update on Development of its Initial Insulin Pump Product Modular Medical, Inc. announced an update on the development of its initial insulin pump product. The Company has continued to make progress on the testing required for its 510(k) submission to the U.S. Food and Drug Administration (FDA) of its MODD1 insulin pump product. The Company has identified certain material in the pump device that was incompatible with the sterilization process utilized. As previously announced, this compatibility issue has delayed the Company's 510(k) submission timeline. The Company has identified replacement materials, which are being qualified for use in the product. Given the expected resolution of the compatibility issue, the Company now expects to make its submission to the FDA during the quarter ended June 30, 2023. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Steve Felsher was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 04
Modular Medical Provides Product Update Modular Medical, Inc. provided an update on its insulin pump product. The Company has successfully completed the majority of the tests and documentation required for its 510(k) submission with the U.S. Food and Drug Administration ("FDA") of its MODD1 insulin pump product. However, in one of its qualification tests, the Company experienced a materials/sterilization process compatibility issue, which has delayed the submission to the FDA. Tests are underway to identify a solution, and, if the product needs to undergo qualification for a new sterilization method, the submission timeline will experience further delays. The Company now expects to make its submission to the FDA between December 2022 and June 2023 and intends to provide further updates after the required additional testing has been completed. Progress on developing production manufacturing capability has been promising. The Company is in the process of transferring production to a tier 1 contract manufacturer located in North America as part of its efforts to shorten and onshore its supply chain. Currently, this project is both ahead of schedule and initial cost estimates are in line with or better than the Company's initial internal estimates. Key initiatives on manufacturability, parts list reduction, and materials cost reductions are in process. Announcement • Jul 27
Modular Medical, Inc. Appoints Kevin Schmid as Chief Operating Officer Modular Medical, Inc. announced that it has appointed industry veteran Kevin Schmid as its Chief Operating Officer. Mr. Schmid brings extensive operations and business development leadership experience in diabetes and drug delivery. As Vice President of Operations and Business Development at Insulet Corporation, he was instrumental in the development, manufacturing, and commercialization of wearable smart drug delivery pumps such as the Omnipod Diabetes Management System, the Amgen Neulasta On Body Injector, and the Ferring Pharmaceutical LutrePulse System. His work ranged from concept and product development to scaling multi-million unit global supply chains and high volume manufacturing operations. He was most recently the Chief Executive Officer of Common Sensing, a designer and manufacturer of disposable injector pen dose monitoring and reporting technology. Common Sensing was sold to Bigfoot Biomedical in 2021. Mr. Schmid is a member of the board of directors of Eitan Medical, an Israel-based provider of connected infusion and wearable drug delivery solutions. He has held previous roles at the Stevanato Group and Bose Corporation. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Steve Felsher was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 27
Modular Medical, Inc. Announces Executive Changes Modular Medical, Inc. announced that its board of directors has appointed James “Jeb” Besser as Chief Executive Officer. Besser, a company development and capital markets veteran, has served 23 years as managing member of Manchester Management LLC. Lynn Vos, the Company’s CEO since August of 2021, will remain on the board of directors of the Company and continue an active role in the marketing and commercialization strategy for the Company, as the Company focuses on preparing and submitting to the FDA a 510(k) application for its next generation MODD1 insulin pump. Before joining the Company, Besser, 46, has served 23 years as managing member of Manchester Management LLC. He brings with him 25 years of U.S. public equity and capital markets experience, with a focus in life sciences and technology. On February 23, 2022, Ellen O’Connor Vos informed the board of directors of the company, that she was resigning from her position as Chief Executive Officer of the Company, effective immediately. Announcement • Feb 15
Manchester Management Engages in Discussions with Modular Medical On February 14, 2022, Manchester Management Company, LLC announced that it has been and might continue to be in contact with members of Modular Medical, Inc.'s management, the Company's Board of Directors, other significant shareholders and others regarding alternatives that the Company could employ to maximize shareholder value. Board Change • Feb 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Steve Felsher was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 13
Modular Medical, Inc. announced that it has received $6.56 million in funding Modular Medical, Inc. (OTCPK:MODD) announced that it has entered into securities purchase agreement for private placement of unsecured convertible promissory notes for gross proceeds of $6,560,000 on May 11, 2021. The transaction included participation from existing investors for over 50% of amount, while company insiders, including members of management and the board of directors for 20% and rest is subscribed by new investors. The notes are unsecured obligations having a stated maturity date of 12 months from its issue. The notes bear interest at a rate of 12% per annum, payable on maturity, provided that, if the company fails to pay any amounts when due under a note, the interest rate increases to the greater of 16% or the maximum amount permitted by law. Each note may be prepaid at the company’s option during the first 270 calendar days following its issue, subject to a 110% prepayment penalty on all principal and accrued but unpaid interest then outstanding. No notes may be prepaid in whole or in part after the trigger date. If the notes remain outstanding after the trigger date, the notes are convertible at a initial price of $2.87 per share. If the company completes an offering of its common shares or other securities in excess of $12,000,000 of gross proceeds, each note holder will be required to convert its adjusted note amount into the securities of such qualified capital raise. Adjusted Note Amount equals the product of the sum of all outstanding principal plus accrued but unpaid interest by 1.25. The company also issued 2,285,736 warrants exercisable at $8 per share for a period of 5 years from the trigger date. The company issued securities pursuant to exemption provided under Regulation D. Announcement • Feb 23
Modular Medical, Inc. announced that it has received $1.1 million in funding On February 22, 2021, Modular Medical, Inc. (OTCPK:MODD) closed the transaction. The company has raised $1,100,000 in the transaction from two investors.