Modular Medical appoints Jeff Goldberg to board

SAN DIEGO - Modular Medical, Inc. (NASDAQ:MODD), a micro-cap medical device company valued at $46.52 million and specializing in insulin delivery technology, announced today the addition of Jeff Goldberg to its Board of Directors. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet. Goldberg, with extensive experience in healthcare and medical devices, is expected to contribute significantly to the company’s strategic direction, particularly in diabetes care.

Goldberg’s background includes a tenure as Chairman of Lannett Company, Inc., a generic pharmaceutical manufacturer, where he played a key role in launching a generic insulin product. His experience aligns with Modular Medical’s commitment to innovation and affordability in diabetes treatment options. The company’s stock, currently trading at $0.87, has experienced significant volatility, with InvestingPro analysis indicating the stock currently trades below its Fair Value.

Previously, Goldberg collaborated with medical entrepreneur Alfred E. Mann at IncuMed, where he managed drug-device combination projects, including an insulin patch-pump program. This experience is particularly relevant as Modular Medical aims to simplify insulin delivery with its FDA-cleared patch pump designed for "almost-pumpers"—patients seeking user-friendly and cost-effective diabetes management solutions.

CEO Jeb Besser expressed confidence in Goldberg’s appointment, highlighting his expertise in affordable drug-device combinations. Goldberg also holds positions on the boards of various healthcare and consumer-focused companies and has a legal background with a JD from UCLA School of Law.

Modular Medical’s mission is to enhance access to quality diabetes care beyond the "superusers" to a broader patient population. Founded by Paul DiPerna, who previously established Tandem Diabetes and designed its insulin pump, Modular Medical is poised to introduce its next-generation insulin delivery technology.

This appointment is part of Modular Medical’s strategy to advance its presence in the medical device industry and improve diabetes care globally. While the company maintains a healthy current ratio of 5.3, InvestingPro analysis reveals rapid cash burn and analysts don’t expect profitability this year. The information is based on a press release statement from Modular Medical, Inc. and InvestingPro data, which offers additional insights through 8 more exclusive ProTips for subscribers.

In other recent news, Modular Medical, Inc. announced the completion of a private placement agreement, securing approximately $12 million in gross proceeds. The company sold 6,247,656 units at $1.92 per unit, with each unit consisting of two shares of common stock and a warrant to purchase an additional share. The funds are designated for general corporate purposes, working capital, and improvements to the supply chain and margins for the MODD1 product. Additionally, the proceeds will support the development of a tubeless version of the MODD1 product, aimed for FDA submission in the third quarter of 2025, and efforts to obtain the CE mark for overseas markets.

In governance news, Modular Medical’s shareholders approved several key proposals during the annual meeting. All seven director nominees were elected, and an amendment to the company’s equity incentive plan was approved, increasing the share reserve by 3,000,000 shares. This decision aims to help the company attract and retain talent. Furthermore, the shareholders ratified Farber Hass Hurley LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025.

The private placement also included a direct placement to a foreign investor, raising an additional $0.5 million. Newbridge Securities Corporation acted as the placement agent, while Titan Partners Group served as a financial advisor. The securities from the placement have not been registered under the Securities Act of 1933, and Modular Medical plans to file a registration statement with the SEC for resale of the shares.

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