Penumbra acquires 90% interest in MVI Health JV, launches thrombectomy devices

Penumbra (NYSE:PEN) said today it acquired 40% of the outstanding shares of virtual reality joint venture MVI Health from collaborator Sixense, boosting its interest to 90%, and said it launched the Penumbra Jet 7 and Jet D reperfusion catheters.

The joint venture intends to commercialize healthcare applications of virtual reality technology, Alameda, Calif.-based Penumbra said, though more information on the specifics of the technology has not yet emerged.

Penumbra said it paid $20 million to Sixense to acquire the additional 40% interest in a deal with contains an anti-dilution provision intended to allow Penumbra to issue additional MVI shares to Sixense with an aggregate value of up to $4.5 million, according to an SEC filing.

The company also announced the launch of its Jet 7 and Jet D reperfusion catheters, which are part of its Penumbra aspiration-based thrombectomy system intended for stroke revascularization.

The Jet 7 is the company’s seventh generation reperfusion catheters designed fro proximal large vessel occlusions, while the Jet D is designed specifically for distal occlusions.

“The Jet 7 reperfusion catheter with its advanced tracking technology and large 0.072″ aspiration lumen is the most advanced device for stroke. In my clinical experience, I was able to easily and quickly navigate the Jet 7 through tortuous anatomy to the face of the clot and achieve full revascularization after a single pass. We know from our own published experience that increases in aspiration lumen size have led to faster recanalization times and higher likelihood of success at first pass without compromising safety. I eagerly await collecting and publishing our clinical experience with Jet 7,” Dr. Alejandro Spiotta of the Medical University of South Carolina said in a prepared statement.

“Penumbra is delighted to usher in our next phase of innovation with the introduction of the Penumbra Jet 7, Jet D and Engine. Each phase of innovation – original Penumbra system, Max and Ace systems, and now Jet and Engine – represents a significant improvement in performance and the opportunity to further help patients experiencing acute ischemic stroke,” chair & CEO Adam Elsesser said in a press release.

In May, Penumbra saw shares rise after the medical device maker topped expectations on Wall Street with its first quarter 2018 earnings results.

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