Modular Medical Gains 2.3% on PBM Contract

Announcement

Modular Medical Inc (NASDAQ: MODD) disclosed that it has entered into a contract with a national U.S. pharmacy benefit manager (PBM). The agreement will make the company's Pivot tubeless patch insulin delivery system available through the PBM, thereby broadening patient access.

Market Reaction

Following the announcement, MODD shares increased by 2.3% on Friday. (The ticker display also noted a 6.43% gain, but the article specifies a 2.3% rise.)

Product Details

The Pivot system is a wearable, tubeless patch pump that provides continuous subcutaneous insulin infusion, delivering both basal and bolus insulin over a three‑day wear period. It is intended to enable patients to transition from multiple daily injections to insulin pump therapy.

Management Commentary

Chief Executive Officer Jeb Besser stated that the agreement with one of the largest national PBMs represents an important commercialization milestone for the Pivot patch pump.

Company Context

Modular Medical is a commercial‑stage medical device company focused on developing insulin delivery technologies to simplify diabetes management and increase access to insulin pump therapy.