Modular Medical, Inc.
(Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTCQB market. IPOScoop has NO CALL on uplistings.)
Modular Medical is a development stage medical device company focused on the design, development, and commercialization of an innovative insulin pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part patch pump, our MODD1 product candidate, or MODD1, the Company seeks to fundamentally alter the trade-offs between cost and complexity and access to the higher standards of care that presently available insulin pumps provide. By simplifying and streamlining the user experience from introduction, prescription, reimbursement, training and day-to-day use, we seek to expand the wearable insulin delivery device market beyond the highly motivated “super users” and expand the category into the mass market. The product candidate seeks to serve both the Type 1 and Type 2 diabetes markets. (The Type 2 diabetes market is growing rapidly, especially in terms of device adoption.)
*Net loss is for the six months ended Sept. 30, 2021.
(Note: Modular Medical, Inc., priced its NASDAQ uplisting on Feb. 9, 2022, by selling 2.5 million units – up from 1.62 million in the revised prospectus – at $6 – below the $7.90 close of its stock on Wednesday on the OTCQB – to raise $15 million. Modular Medical revamped its NASDAQ uplisting deal to a unit offering in an S-1/A filing on Feb. 7, 2022, a shift from its initial structure as a stock-only IPO. The deal was cut in half to 1.62 million units – down from 2.4 million shares – at an estimated price of $9.25, down from $12.49 previously, to raise $14.99 million – roughly half the $29.98 million that the company expected to raise from its initial terms. Each unit consists of one share of common stock and one warrant to buy one share of common stock.
(**Note: Modular Medical also announced that, in connection with the offering, its common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on the Nasdaq Capital Market under the symbol “MODD” on Feb. 10, 2022. The company does not intend to apply for listing of the warrants on any national securities exchange.)
|Industry:||Surgical & Medical Devices - Insulin Pumps|
|Address||16772 W. Bernardo Drive San Diego, California 92127|
|Phone Number||858) 800-3500|
|View Prospectus:||Modular Medical, Inc.|
|Revenues||$0 mil (last 12 months)|
|Net Income||$-9.22 mil (last 12 months)|
|Price range||$6.00 - $6.00|
|Est. $ Volume||$15.0 mil|
|Manager / Joint Managers||Oppenheimer & Co.|
|CO-Managers||The Benchmark Company/ Lake Street Capital Markets|
|Expected To Trade:||2/10/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|