Modular medical sees insider purchases totaling $1.3 million

Published 25/03/2025, 02:38
Modular medical sees insider purchases totaling $1.3 million

In a recent filing with the Securities and Exchange Commission, Modular Medical (TASE:BLWV), Inc. (NASDAQ:MODD) reported significant insider purchases by Manchester Management Company LLC and its affiliates. On March 20, 2025, the insiders acquired a total of 677,082 shares of common stock at a price of $1.92 per share, totaling approximately $1.3 million. The timing appears strategic, as InvestingPro data shows the stock has gained 25% in the past week, though it remains 58% below its 52-week high of $2.65.

The transactions involved Manchester Management Company LLC, Manchester Management PR, LLC, and James E. Besser, who serves as the Chief Executive Officer and is a significant shareholder. The purchases were made through Manchester Explorer, L.P. and JEB Partners, L.P., entities affiliated with Manchester Management. With a market capitalization of $44.73 million, these purchases represent a significant portion of the company’s value.

Following these transactions, the insiders now hold substantial positions in Modular Medical, indicating continued confidence in the company’s prospects. Modular Medical is based in San Diego, California, and operates in the surgical and medical instruments sector.

In other recent news, Modular Medical, Inc. has secured approximately $12 million through a private placement involving institutional and accredited investors. The transaction, set to close on March 25, 2025, will support supply-chain enhancements and margin improvements for the company’s MODD1 product. Funds will also aid in developing a tubeless version of the MODD1, with plans for FDA submission in the third quarter of 2025 and efforts to secure a CE mark for overseas market entry. Additionally, Modular Medical is conducting a direct private placement to potentially raise an additional $500,000.

In corporate governance developments, Modular Medical held its annual shareholder meeting, where all seven director nominees were elected to serve until the next meeting. Shareholders approved an amendment to the company’s equity incentive plan, increasing the shares reserved for issuance by 3,000,000. The ratification of Farber Hass Hurley LLP as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2025, was also passed with a significant majority. These developments reflect investor confidence in the company’s strategic direction and leadership.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.