Modular Medical Business Summary

Modular Medical, Inc. (MODD) is a development-stage medical technology company focused on the design and commercialization of simplified insulin delivery systems for the Type 1 and Type 2 diabetes markets. Currently pre-revenue, the company’s business model centers on the upcoming launch of its MODD1 and Pivot tubeless patch pumps, which utilize a two-part architecture consisting of a reusable 90-day base and a three-day disposable component. Revenue is expected to be driven by hardware sales and recurring high-volume transactions for disposable consumables. The company positions itself as a low-cost, user-friendly alternative to complex traditional pumps, specifically targeting the "non-pumper" demographic that has resisted existing technology due to cost or complexity. Its primary direct competitors include Insulet Corporation, Tandem Diabetes Care, and Medtronic plc, against whom Modular Medical competes by offering a significantly reduced learning curve and a more affordable price point for the mass market. The leadership team is anchored by Founder and President Paul DiPerna, a seasoned medical device engineer who previously founded Tandem Diabetes Care and co-invented the Ivera Medical technology acquired by 3M. Chief Executive Officer James (Jeb) Besser, appointed in 2022, brings over two decades of capital markets experience as the managing member of Manchester Management LLC, the company’s largest shareholder. The executive suite is further strengthened by Chief Operating Officer Kevin Schmid, formerly the VP of Operations at Insulet, and Chief Technology Officer Steve Gemmell, who leads R&D efforts. The company’s Board of Directors includes notable industry veterans such as Duane DeSisto, the former CEO of Insulet. Significant institutional backing is provided by Manchester Management, Solas Capital Management, and Silverarc Capital, reflecting a strong pedigree of investors specialized in the medical device and diabetes care sectors.