Modular Medical secures U.S. pharmacy benefit manager deal

Modular Medical, Inc. (NASDAQ: MODD) has signed a contract with a national U.S. pharmacy benefit manager (PBM), making its Pivot tubeless patch pump available through the PBM's network, according to a company statement.

The San Diego-based medical device company did not identify the PBM by name, though Chief Executive Officer Jeb Besser described it as "one of the largest in the country."

"We believe this agreement with a national PBM represents an important commercialization milestone for our Pivot patch pump," Besser said. "PBMs play a critical role in enabling patient access to therapies and medical technologies."

The Pivot tubeless patch pump is a wearable insulin delivery device designed to provide continuous subcutaneous insulin infusion, including both basal and bolus delivery, over a three-day wear period. The device is intended for people living with diabetes who require intensive insulin therapy.

Modular Medical describes itself as a commercial-stage company preparing for the broader commercial launch of the Pivot system. The PBM contract represents one step in that process by providing a reimbursement pathway through existing healthcare benefits.

You May Also Be Interested In

• First Hydrogen signs deal to acquire 60% stake in robotics IP firm
• Chime Financial (CHYM) PT Raised to $31 at UBS
• JPMorgan Upgrades SLC Agricola SA (SLCE3:BZ) (SLCJY) to Overweight