Penumbra launches POD packing coil

Penumbra (NYSE:PEN) said today it launched its POD packing coil in the U.S., designed to be complimentary with the company’s Ruby and POD embolization devices.

The POD packing coil is designed to pack behind the Ruby and POD to occlude arteries and veins in the peripheral vasculature, including aneurysms, the Alameda, Calif.-based company said.

“With the Indigo System and POD, Penumbra has recently introduced products that have had significant impact on the treatment of vascular disease. Indigo represents a significant advancement in the treatment of thrombotic and embolic disease, which until now has had limited treatment options. With the Indigo System, physicians now have the ability to remove limb- and life-threatening clots quickly and efficiently. Likewise the POD, Ruby and now the POD Packing Coil optimize embolization procedures by decreasing procedure time while providing increased control,” Dr. Corey Teigen of Fargo, N.D.’s Sanford Health said in a press release.

In addition to the Ruby and POD devices, the company’s portfolio includes the Indigo continuous aspiration thrombectomy device designed to remove emboli and thrombi from the peripheral rteries and veins.

“Our embolization platform and the Indigo System are examples of our commitment to innovating new technologies for challenging vascular conditions for which there are significant unmet clinical needs. We are intent on changing treatment paradigms to improve clinical outcomes across two large and growing markets: neuro and peripheral vascular,” CEO Adam Elsesser said in prepared remarks.

In September, Penumbra closed its initial public offering, bringing in $124.5 million, including an underwriters over-allotment worth $18 million.

Penumbra floated 4.6 million shares at $30 apiece, for gross proceeds of $138 million. PEN shares opened at $40 each Sept. 18, peaking at $42 in their 1st day of trading before subsiding to a $41.30 close that day. The stock closed yesterday at $41.67, up 3.3%.

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