Modular Medical, Inc. (MODD) is experiencing a surge in its stock price after receiving clearance from the U.S. Food and Drug Administration (FDA) to market and sell its MODD1 insulin pump in the United States. The company announced the FDA clearance on Wednesday, causing a significant after-hours stock jump.
The MODD1 patch pump is designed for adults with both Type 1 and Type 2 diabetes and is expected to be available for purchase in early 2025. This development signifies a major step forward for Modular Medical, whose mission is to make diabetes technology accessible and affordable for underserved communities.
“For too long, the benefits of superior glycemic control achieved by insulin pumps have, due to cost and complexity, been restricted to only the most sophisticated, motivated and well-insured users. The goal of Modular Medical has always been to change this by making diabetes technology accessible and affordable to underserved communities,” said Jeb Besser, CEO of Modular Medical.
Investors interested in acquiring MODD stock have various options, including purchasing shares through a brokerage platform or investing in an exchange traded fund (ETF) that holds MODD stock. Alternatively, investors can allocate their 401(k) to a strategy that acquires shares in a mutual fund or other instruments within the Health Care sector, where Modular Medical is categorized.
As of Thursday, Modular Medical shares were up 11.4% at $2.18 per share. This significant price increase reflects the market’s positive response to the FDA clearance and the potential impact of the MODD1 insulin pump on the diabetes care landscape.
