Modular Medical shares surge 24.23% intraday after announcing 29% workforce reduction and focusing on affordable insulin patch pump development.

Modular Medical surged 24.23% intraday, driven by an announcement on March 12 of a 29% workforce reduction (20 employees), expected to cut annual operating expenses by approximately $3.4 million. The company focuses on developing user-friendly, affordable insulin patch pumps to simplify diabetes insulin therapy.