Full Press Release Details
Modular Medical Announces FDA Clearance of the
SAN DIEGO, CA / ACCESSWIRE / Sept. 4, 2024
/ Modular Medical, Inc. (the "Company" or "Modular Medical") (Nasdaq: MODD), an insulin delivery system technology
company preparing to launch a market expansion product with a more accessible, easier to prescribe, and easier to pay for and live with
technology, today 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.
"For too long, the benefits of superior
glycemic control achieved by insulin pumps have, due to cost and complexity, been restricted to only the most sophisticated, motivated
and well-insured users. The goal of Modular Medical has always been to change this by making diabetes technology accessible and affordable
to underserved communities. We seek to make the experience of going on a pump' simpler and less intimidating and to widen
the base beyond the current pump users," said Jeb Besser, CEO of Modular Medical.
"I want to thank our employees for their
hard work and dedication in bringing this product to the market and our shareholders for their ongoing support of the Company. We will
continue to deliver on our mission of enabling diabetes care for the rest of us' and delivering on the needs of all patients
and clinicians," added Paul DiPerna, Chairman and President of Modular Medical.
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
About Modular Medical
Modular Medical, Inc. (Nasdaq:MODD) is a medical
device company that will launch the next generation of insulin delivery technology. Using its patented technologies, the Company seeks
to eliminate the tradeoff between complexity and clinical efficacy, thereby making top quality insulin delivery both affordable and simple
to learn. The Company's mission is to improve access to the highest standard of glycemic control for people with diabetes, taking
it beyond "superusers" and providing diabetes care for the rest of us.
Modular Medical was founded by Paul DiPerna, a
seasoned medical device professional and microfluidics engineer. Prior to founding MODD, Mr. DiPerna was the founder (in 2005) of Tandem
Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com.
Forward-Looking Statements
This press release contains forward-looking statements
that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements
are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statements
contained in this press release. These factors include, but are not limited to, the expected timing of commercial availability for the
Company's MODD1 product, market and other conditions, whether the Company can successfully develop its proprietary technologies,
whether the market will accept the Company's products and services, whether the Company can successfully manufacture its products at high
volumes, general economic, industry or political conditions in the United States or internationally, as well as other risk factors and
business considerations described in the Company's SEC filings, including its annual report on Form 10-K. Any forward-looking statements
in this press release should be evaluated in light of these important risk factors. In addition, any forward-looking statements included
in this press release represent the Company's views only as of the date of its publication and should not be relied upon as representing
its views as of any subsequent date. The Company assumes no obligation to update these forward-looking statements, except as required
All trademarks mentioned herein are the property
of their respective owners.
Chief Executive Officer
Modular Medical, Inc.