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Lucosky Brookman Successfully Represents Modular Medical, Inc. Close $8 Million Registered Direct Offering

Lucosky Brookman LLP congratulates its client, Modular Medical, Inc. (NASDAQ: MODD), a development-stage insulin pump company focused on providing insulin delivery without complexity to increase pump adoption and reduce the burden of diabetes care for clinicians and individuals living with diabetes, on its closing of registered direct offering of an aggregate of 449,438 shares of its common stock at an offering price of $4.45 per share, and, in lieu of common stock, pre-funded warrants to purchase up to 1,348,314 shares of common stock at an offering price of $4.44 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.01 per share exercise price for each pre-funded warrant. Concurrent with the registered direct offering, the Company has also agreed to issue to the Investor unregistered common stock purchase warrants (the "Private Placement Warrants") to purchase up to 1,438,202 shares of common stock in a private placement. The Private Placement Warrants have an exercise price of $6.60 per share and are exercisable beginning six months from the date of issuance for a period of five years. The gross proceeds from the registered direct offering and concurrent private placement are expected to be $8 million before deducting placement agent fees and other estimated offering expenses. 

Lucosky Brookman LLP represented the issuer.  Oppenheimer & Co. Inc. acted as sole book-running manager for the offering.

Modular Medical intends to use the net proceeds from this offering for the Company's operations, including the development of its products, and working capital and general corporate purposes.