Update: Added comments from Penumbra CEO Adam Elsesser
Penumbra (NYSE:PEN) yesterday launched its POD packing coil in the U.S., designed as a complimentary addition to the company’s Ruby and POD embolization devices.
The focus on peripheral vascular products has been significant for the Alameda, Calif.-based company, despite only entering the field a little over a year and a half earlier, CEO Adam Elsesser told MassDevice.com in an interview today.
“There are a number of other coils, they all have different features. Everyone finds what works for them in a particular case. This is a very unique product,” Elsesser said. “The POD packing coil is an important addition to our embolization business. It’s a product that enables a particular procedure where you’re in effect embolizing, or in the industry vernacular, sacrificing an artery.”
The company’s previously launched the POD coil is uniquely designed to allow the operating surgeon to stop and anchor the device in an artery with a high blood flow – something that’s not easy to do with a typical coil, Elsesser said.
The newly released coil is designed to pack behind the Ruby and POD embolization coils, which are used to occlude arteries and veins in the peripheral vasculature, including aneurysms.
“Its a very uniquely designed coil, very soft with a thick size that allows you to stop behind it and pack, so you get a really nice plug and stop the flow of blood in that artery,” Elsesser said.
The soft shape and unique helical design allows for easy placement and significant stoppage during embolization procedures, Elsesser said, something they don’t see provided by other embolization products on the market.
“It just flows out of the catheter and fills up a pretty big space in a really tight way. We believe this is a unique coil and it doesn’t appear in any other portfolio, which is one of the reasons we believe it will have a significant impact,” Elsesser said.
Elsesser said he couldn’t comment on any future developments, but noted that the company’s recent history and regular additions to the peripheral vascular market speaks for itself.
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.
“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.
“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 2 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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