8-K: Modular Medical Bolsters Board with Appointment of Healthcare and Medical Device Veteran Jeff Goldberg

Modular Medical, an insulin delivery technology company, has appointed experienced healthcare and medical device executive Jeff Goldberg to its Board of Directors, effective May 22, 2025.

Summary

• Modular Medical, Inc. (Nasdaq: MODD) announced the appointment of Jeffrey Goldberg to its Board of Directors, effective May 22, 2025.
• Mr. Goldberg, 59, brings decades of experience in healthcare, life sciences, and medical device leadership, including the development of generic insulin.
• He currently serves as Chairman of Lannett Company, Inc., a generic pharmaceutical manufacturer, and has held board positions at ATI Physical Therapy, Eating Recovery Centers/Pathlight, Banza, and Cano Health.
• His past experience includes serving as President and CEO within Alfred E. Mann's incubator, IncuMed, where he oversaw drug-device combination products, including an insulin patch-pump program, and played pivotal roles in regulatory strategy, operations turnaround, and successful exits.
• The company believes Mr. Goldberg's extensive leadership and experience, particularly in affordable drug-device combinations and regulatory strategy, will be instrumental in advancing its mission to simplify insulin delivery and improve diabetes care.
• Mr. Goldberg will be eligible to participate in the Company's Outside Director Compensation Plan and will enter into a standard indemnification agreement.
• No family relationships or related party transactions exceeding $120,000 were disclosed between Mr. Goldberg and the company.

Sentiment

Score: 8

Explanation: The document announces a significant and highly relevant board appointment, which is a strong positive for the company's strategic direction and future commercialization efforts. There are no negative or concerning details.

Positives

• The appointment of Jeff Goldberg, an industry veteran with decades of experience in healthcare, life sciences, and medical devices, significantly strengthens Modular Medical's Board.
• Mr. Goldberg's background includes leadership roles in drug-device combination products and generic insulin development, directly aligning with Modular Medical's focus on affordable insulin delivery.
• His experience with regulatory strategy, operations turnaround, and successful exits from early-stage technologies to commercial viability is highly valuable for a development-stage company.
• His current role as Chairman of Lannett Company, Inc., where he helped launch a generic insulin product, directly complements Modular Medical's mission to innovate and provide affordability in diabetes care.
• The appointment enhances the company's corporate governance and strategic guidance, particularly as it seeks to commercialize its FDA-cleared patch pump.

Future Outlook

The company aims to advance its mission to simplify insulin delivery and improve diabetes care worldwide, particularly as the industry shifts toward more accessible and patient-friendly solutions. Mr. Goldberg's expertise is expected to be instrumental in guiding early-stage technologies to commercial viability.

Management Comments

• "We are pleased to welcome Jeff Goldberg to the Modular Medical board. Jeff's unique background at the intersection of affordable drug-device combinations will be instrumental, as we advance our mission to simplify insulin delivery and improve diabetes care worldwide." Jeb Besser, CEO of Modular Medical.
• "Modular Medical is advancing a truly disruptive approach to insulin delivery. I'm excited to join the board and contribute to the Company's journey toward simplifying treatment for people living with diabetes, particularly as the industry shifts toward more accessible and patient-friendly solutions." Jeff Goldberg.

Industry Context

The appointment of Mr. Goldberg, with his extensive experience in generic insulin development and drug-device combinations, aligns with a broader industry trend towards more accessible, affordable, and user-friendly diabetes care solutions. Modular Medical's focus on an FDA-cleared patch pump for "almost-pumpers" positions it within the evolving landscape of diabetes management, moving beyond traditional "superusers" to a wider patient base. His background with Alfred E. Mann's ventures, a pioneer in medical technology, further solidifies the company's connection to innovative medical device development.

Comparison to Industry Standards

• Mr. Goldberg's experience as Chairman of Lannett Company, Inc., where he facilitated the launch of a generic insulin product, demonstrates a successful track record in bringing affordable drug solutions to market, a key differentiator for Modular Medical in the diabetes care industry.
• His previous roles within Alfred E. Mann's IncuMed, overseeing drug-device combination products and an insulin patch-pump program, directly compare to Modular Medical's core business, suggesting a strong alignment with industry best practices for developing and commercializing innovative medical devices.
• The company's stated mission to make "top quality insulin delivery both affordable and simple to learn" and to serve "the rest of us" beyond "superusers" indicates an ambition to broaden market access, a strategy that aligns with increasing calls for healthcare affordability and accessibility across the medical device sector.

Management Changes

Corporate Governance

Related Party Transactions

• No transactions with the Company, and no proposed transactions with the Company, in which the amount involved exceeds $120,000, and in which Mr. Goldberg had, or will have, a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K, since the beginning of the Company's last fiscal year through the present.

Stakeholder Impact

• Shareholders: The appointment of a highly experienced director with relevant industry expertise could be viewed positively, potentially increasing investor confidence in the company's strategic direction and ability to execute its mission.
• Management/Employees: The addition of Mr. Goldberg to the board provides enhanced strategic guidance and oversight, potentially benefiting operational efficiency and long-term planning.
• Customers/Patients: Mr. Goldberg's background in affordable drug-device combinations and generic insulin aligns with the company's mission to simplify insulin delivery and improve diabetes care, potentially leading to more accessible and patient-friendly solutions.

Next Steps

• Modular Medical will continue to advance its mission to simplify insulin delivery and improve diabetes care worldwide.
• The company will work towards guiding its early-stage technologies to commercial viability, leveraging Mr. Goldberg's expertise.

Key Dates

Recommendation

Keywords

Modular Medical, MODD, insulin delivery, medical device, diabetes care, patch pump, board of directors, corporate governance, Jeff Goldberg, healthcare technology, FDA-cleared, generic insulin, drug-device combination