Penumbra prices $99m offering

Penumbra (NYSE:PEN) said today that it priced a public offering worth nearly $99 million, not including an underwriter’s option worth nearly $15 million.

Alameda, Calif.-based Penumbra makes a line of instruments designed for neurovascular and peripheral vascular procedures, including stroke revascularization, embolization and thrombectomy.

The company said it plans to float 1.3 million shares at $76 apiece. The offering also includes a 30-day over-allotment option of some 195,000 shares that, if exercised in full, would bring the total raise to more than $113.6 million.

Penumbra said it plans to use the proceeds for “general corporate purposes, including working capital, continued development of its products, including research and development and clinical trials, potential acquisitions and other business opportunities.”

J.P. Morgan and BofA Merrill Lynch the joint book-runners, with Wells Fargo Securities and Canaccord Genuity as co-managers and Perella Weinberg Partners as independent capital markets advisor.

PEN shares soared earlier this month after the medical device maker topped expectations on Wall Street with its 4th quarter and fiscal year 2016 earnings results. Last month Penumbra touted data from the Aster trial evaluating its aspiration system compared to a stent retriever as a first-line thrombectomy approach for acute ischemic stroke.

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