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East Bay medical device maker Penumbra tops targets with upsized $120M IPO
San Francisco Business Times

Penumbra is the latest Bay Area health sector company to hit its IPO marks, raising $120 million in an offering that sold more shares and priced higher than expected. The Alameda-based medical device maker sold 4 million shares at $30 each. It was expected to sell 3.8 million shares for between $25 and $28. Penumbra is the first company from the region to go public in a month. It is led by CEO Adam Elsesser and markets devices for the treatment of strokes and other vascular conditions.