Modular Medical, Inc. has announced a private placement expected to raise approximately $12 million to enhance its insulin delivery technology in a growing U.S. diabetes market.

Information on the Target

Modular Medical, Inc. (Nasdaq:MODD) is a pioneering insulin delivery technology company based in San Diego, California. The company has developed the first FDA-cleared patch pump tailored specifically for individuals who are considered "almost-pumpers". This innovative product is designed to provide a user-friendly and cost-effective solution for insulin delivery, significantly improving the lives of those with diabetes.

Founded by industry veteran Paul DiPerna, Modular Medical aims to transform the landscape of insulin delivery systems. With a focus on simplifying the complex nature of existing products, the company aspires to enhance accessibility to top-tier glycemic control for a broader audience, thereby moving beyond the current demographic of experienced users.

Industry Overview in the Target’s Country

The diabetes care market in the United States is witnessing robust growth driven by rising diabetes prevalence and increasing awareness about advanced treatment solutions. As of 2023, more than 37 million Americans ar