Modular Medical, Inc. (Nasdaq:MODD) ("Modular Medical" or the "Company"), an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to meet the needs of "almost-pumpers" with its user-friendly and affordable design, announced a licensing and partnership agreement with Nudge BG.
"We are very excited to partner with Modular Medical to bring the next generation of automated insulin delivery ("AID") to the marketplace," said Lane Desborough, CEO of Nudge BG. "Nudge BG's adaptive full closed loop AID technology, unlike the present Hybrid Closed Loop products, complements Modular Medical's easy-to-use and cost-effective MODD1 insulin pump technology. Our combined system is intended to nudge blood glucose by making small changes to insulin delivery based on estimated glucose inputs from a continuous glucose monitor."
"We believe most people living with insulin-requiring diabetes find it difficult or impossible to sustain the therapy effort which contemporary AID systems demand, including counting carbohydrates and calculating bolus delivery amounts, preventing them from reaping the benefits of the present technology. It has been the goal of Nudge BG to design an AID system that will truly make the diabetes management experience both effective and less burdensome for users. Our system will fully automate mealtime insulin delivery, freeing people with diabetes from the risk and difficulty of bolusing, while still achieving glycemic goals," said Desborough.
Paul DiPerna, President and CTO of Modular Medical, stated "Our goal at Modular Medical is to bring the benefits of insulin pump technology to the approximately 80% of potential adopters who are not on pumps because they see current AID-enabled systems as too complex, too cumbersome, and too costly. The Nudge BG partnership is another step in our efforts to make the experience of diabetes management as low touch and simple as possible by reducing the amount of time, training, and effort a user will spend daily on managing insulin, while still providing the beneficial results of pumping as compared to multiple daily injections."
Mr. Desborough has been developing control algorithms in safety-critical industries for the past 35 years. He was formerly Co-Founder and Chief Engineer of Bigfoot Biomedical and previously served as Chief Engineer, Closed Loop/Insulin Delivery at Medtronic Diabetes. Mr. Desborough has been developing commercial AID systems since 2010, soon after his son was diagnosed with type-1 diabetes.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statements contained in this press release. These forward looking statements and factors include, but are not limited to, whether Modular Medical and Nudge BG can successfully bring to market an AID system, the successful integration of Nudge BG's AID technology with Modular Medical's pump products, the anticipated performance and expected benefits of the proposed Modular Medical and Nudge AID system, whether Modular Medical can successfully develop its proprietary technologies, whether the market will accept Modular Medical's products and services, the future product roadmap and development activities, anticipated consumer demand for the Modular Medical's products, whether Modular Medical can successfully manufacture its products at high volumes, general economic, and industry or political conditions in the United States or internationally, as well as other risk factors and business considerations described in Modular Medical's SEC filings, including its annual report on Form 10-K. Any forward-looking statements in this press release should be evaluated in light of these important risk factors. In addition, any forward-looking statements included in this press release represent Modular Medical's views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. Modular Medical assumes no obligation to update these forward-looking statements, except as required by law.
About Modular Medical
Modular Medical, Inc. (Nasdaq:MODD) is a development-stage medical device company that intends to launch the next generation of insulin delivery technology. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Our mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond "superusers" and providing "diabetes care for the rest of us."
Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, Mr. DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com.
About Nudge BG
Nudge BG is an engineering consulting services and algorithm development company focused on modeling, simulation, and control of physiological systems. Nudge BG was founded by Lane Desborough.
All trademarks mentioned herein are the property of their respective owners.
CONTACT: Jeb Besser Chief Executive Officer Modular Medical, Inc. +1 (617) 399-1741 IR@modular-medical.com
