San Diego-based Modular Medical’s offering includes nearly 68.1 million shares of the company’s common stock and warrants to purchase up to an aggregate of 68.1 million shares. The company priced the offering at $0.1762 per share and accompanying warrant. That price is the exercise price of the warrants as well, which are exercisable immediately and will expire five years from the date of issuance.
Modular Medical expects the offering to close on or about today, March 4, 2026. Maxim Group LLC serves as the sole placement agent for the offering.
The company did not list an intended use of proceeds for the offering. It’s likely that Modular Medical will use funds to support the planned launch of its next-generation insulin pump technology.
Modular Medical introduced Pivot in September 2025, later beginning the process of converting its manufacturing line to prepare for production. Pivot targets underserved “almost-pumpers,” or adults with diabetes hesitant to move from multiple daily injections (MDI) due to cost and complexity.
The company submitted Pivot to the FDA in late 2025 and expects to launch the device this year.
Modular Medical designed its patch pump for affordability with a user-friendly design. It features a full, 3mL removable cartridge and pump with a simple interface. It expects Pivot to expand access for millions managing diabetes with MDI by providing significant clinical therapy improvement. The company aims to address barriers that prevent many patients from adopting traditional pumps.
Last month, the company started the production of validation lots for Pivot. It said the commencement confirmed readiness for high-volume demand once it receives clearance for Pivot.
