modular medical inc shares were down 50 to 395 after the company priced its underwritten public offering of 25 million units at 6 a unit the company expects to see proceeds of 15 million prior to deducting underwriting discounts commissions and other estimated offering expenses each unit consists of one share of common stock and one warrant to purchase one share of stock the common stock and warrants are immediately separable from the units and will be issued separately the warrants are exercisable immediately expire five years from the date of issuance and have an exercise price of 660 a share the company said it intends to use the proceeds from this offering for general corporate purposes including working capital to develop its initial sales and marketing infrastructure to fund additional research and development activities to develop its initial manufacturing and production capabilities and make related capital expenditures and to repay a promissory note the offering is expected to close monday