The pre-market session saw a sharp increase in Modular Medical, Inc. (NASDAQ: MODD) shares, marking an important turning point for the business. When the U.S. Food and Drug Administration (FDA) announced that its MODD1 insulin pump has received clearance, the shares increased by 19.06% to $2.33. With this license, Modular Medical may now advertise and sell the gadget domestically. The business plans to introduce the product by the first quarter of 2025.
Modular Medical Addressing The Increasing Diabetes Technology Access
Due to the high cost and complexity of these devices, many patients have historically been unable to benefit from sophisticated insulin pumps. For a considerable time, Modular Medical has acknowledged the necessity of democratizing diabetes technology and has been working to make it accessible and reasonably priced for marginalized populations. The company’s goal has been to make using an insulin pump easier for as many people as possible, in order to increase its user base beyond the existing small one.
MODD Formed A Partnership For Strategic Manufacturing
In keeping with its objective of increasing accessibility to diabetes treatment, Modular Medical has started moving its pilot production operations to a Phillips Medisize plant located in Queretaro, Mexico. The MODD1 Insulin Delivery System will be produced in large quantities under the direction of Phillips Medisize, a significant collaborator in the creation of Modular Medical’s platform.
The manufacturing process will take place in a clean room environment in Queretaro, with the printed circuit board assembly being handled at Phillips Medisize’s electronics facility in Guadalajara, Mexico. This partnership leverages Phillips Medisize’s extensive expertise in manufacturing and assembly, ensuring that the MODD1 system meets the highest standards of quality and efficiency.
Dedicated To Providing Wider Diabetes Care
Modular Medical is unwavering in its dedication to provide affordable diabetes treatment even as it is ready to go from pre-commercial production to large-scale manufacture. With the potential to provide better glycemic management for a larger population, the MODD1 insulin pump is a major advancement in this quest. The business is ready to demonstrate its ongoing commitment to serving the needs of all patients and physicians by discussing the FDA clearance and outlining the next steps in an upcoming conference call.