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In a recent transaction, James E. Besser, the Chief Executive Officer of Modular Medical (TASE:PMCN), Inc. (NASDAQ:MODD), acquired 21,000 shares of the company’s common stock. The shares were purchased at a weighted average price of $1.6779, amounting to a total value of $35,235. This acquisition increases Besser's direct ownership to 265,750 shares.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, highlighting Besser's continued investment in the company. Modular Medical, based in San Diego, specializes in surgical and medical instruments and apparatus. According to InvestingPro analysis, the company maintains a healthy financial position with a current ratio of 3.36, indicating strong liquidity. InvestingPro subscribers have access to over 10 additional key insights about MODD's financial health and market position.
The shares were bought in multiple transactions within the price range of $1.65 to $1.73, as detailed in the filing. The transaction reflects Besser's direct ownership, as confirmed by the footnotes in the filing. Based on InvestingPro's Fair Value analysis, the stock appears to be trading near its fair value, with additional metrics and insights available to Pro subscribers.
In other recent news, Modular Medical has secured a U.S. patent for key aspects of its MODD1 insulin pump, marking a significant advancement in its intellectual property portfolio. The company also announced the commencement of a proof-of-concept study to investigate the use of its MODD1 pump as a delivery system for rapid-acting GLP-1 therapies. Additionally, Modular Medical received FDA clearance to market its new MODD1 insulin patch pump in the United States, with sales planned for early 2025.
In recent developments, the company reported changes in executive compensation and option grants, with new stock options granted to executive officers and non-executive employees, contingent on receiving FDA clearance for the MODD1 pump. This was announced alongside an upgrade of the company's stock price target by Benchmark, which maintained a Speculative Buy rating.
Modular Medical has also initiated a manufacturing transfer to Phillips Medisize facilities in Mexico, marking a significant step towards high-volume production. These developments reflect the company's commitment to broadening access to diabetes management technology and aligning executive and employee incentives with regulatory and business milestones.
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