Shares of Modular Medical (NASDAQ:MODD) experienced a significant uptick, soaring 22% to $2.39 in early trading, following the announcement that its MODD1 insulin pump has received clearance from the U.S. Food and Drug Administration (FDA).
The device, designed for adults with type 1 and type 2 diabetes, is expected to hit the market in early 2025.
The FDA's approval marks a pivotal achievement for Modular Medical, positioning the company to play a substantial role in the diabetes care market.
With this recent surge, Modular Medical's share price is now up roughly 32% year-to-date, further boosting investor confidence in the company's future prospects.