Penumbra Files for $115 million IPO

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Alameda, California-based medical device company Penumbra, Inc. registered with the Securities and Exchange Commission (SEC) last Friday for an initial public offering (IPO) to raise up to $115 million. The company will be traded under the symbol PEN on the New York Stock Exchange (NYSE).

According to its S-1 filing, Penumbra develops, manufactures, and markets medical devices focused on interventional therapies. Founded in 2004, the company’s primary focus has been on neurovascular devices,  although it recently entered the peripheral vascular market, and focuses on thrombectomy and embolization technology. According to press releases, Penumbra’s Ace64 aspiration thrombectomy device, reportedly the largest-lumen thrombectomy device on the market, won 510(k) clearance from the FDA last May.

The S-1 disclosed that Penumbra reported sales of $125.5 million in 2014, an increase of 41.3% from 2013, and also that Penumbra maintains a portfolio of 18 global patents, of which seven are U.S. patents. The S-1 also stated that Penumbra owns 31 pending worldwide patent applications.

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