Penumbra (Alameda, Calif.) is getting ready for a $100-million-plus initial public offering.
The company said it is hoping to raise $101 million by offering 3.8 million shares priced between $25 and $28. Taking the mid point of that proposed price range, Penumbra would have a fully diluted market value of $847 million, according to IPO research company Renaissance Capital.
Penumbra was founded in 2004 and develops devices that treat neurovascular conditions including hemorrhagic and ischemic stroke. Most recently, the company received 510(k) approval for its Ace64 aspiration thrombectomy device. In 2007, just three years after it was formed, the company launched its first device for neurovascular access.
The company first reported its plans for an IPO last month (Medical Device Daily, Aug. 18, 2015)
In May, the company received FDA clearance for its ACE64 thrombectomy technology that is able to remove clots and achieve high revascularization rates in stroke patients.