Alameda, Calif. — November 10, 2020 —Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today announced a new partnership to develop solutions to enable faster clinical decision-making for pulmonary embolism (PE) diagnosis and procedures with RapidAI, a company that offers a clinically proven, data-driven artificial intelligence (AI) platform that empowers clinicians to make faster, more accurate diagnostic and treatment decisions for stroke and aneurysm patients.
“PE is at the precipice of a transformation in how patients affected by this condition are being treated. Several advances have been made during the last few years largely due to the PERT Consortium’s efforts, combined with innovation in therapeutic options,“ said Robert Lookstein, MD MHCDL FSIR FAHA FSVM, president of the PERT Consortium, professor of Radiology and Surgery at Icahn School of Medicine at Mount Sinai (ISMMS) and executive vice chairman in The Department of Diagnostic, Molecular, and Interventional Radiology for the Mount Sinai Health System. “This exciting new partnership will undoubtedly help bring more awareness to this very deadly disease. The entire field wants to rapidly bring more therapeutic options to a broader segment of the population. We collectively believe this will only improve outcomes.”
Penumbra and RapidAI will work together to develop several clinical and communications modules for pulmonary embolism, which is a deadly condition involving blood clots in the lungs. The modules are aimed to streamline triage and decision-making by processing CT scans and delivering clear, easy-to-interpret CT images directly to the physician. In addition, this partnership comes at a very important time, as the medical community is dealing with the COVID-19 pandemic where patient triage and remote access have become critical to the healthcare system.
“COVID-19 has heightened the need for AI technology that powers physicians’ ability to be connected to their healthcare institutions and care teams from remote locations and to speed up patient care,” said Don Listwin, chief executive officer, Rapid AI. “We are thrilled to be partnering with one of the most innovative medical device companies, Penumbra, to advance the field of PE by rising to these challenges with our powerful AI solutions.”
This new partnership with RapidAI demonstrates Penumbra’s continued commitment to advancing solutions for pulmonary embolism and follows the recent launch of the Indigo® System with Lightning™ Intelligent Aspiration, Penumbra’s newest generation technology for the removal of blood clots in the arteries and veins and for the treatment of pulmonary embolism.
“Penumbra has been at the forefront of technology to address unmet clinical needs - be it in stroke, virtual rehab, intelligent aspiration and now pulmonary embolism,” said Adam Elsesser, chairman and chief executive officer, Penumbra Inc. “This partnership with RapidAI is another example of Penumbra’s commitment to provide cutting-edge solutions that help address the challenges faced by the medical community. We look forward to taking on this next frontier in the field of PE.”
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Penumbra sells its products to hospitals and healthcare providers primarily through its direct sales organization in the U.S., most of Europe, Canada and Australia, and through distributors in select international markets. Penumbra, the Penumbra P logo, Indigo, and Lightning are trademarks of Penumbra, Inc. For more information, visit www.penumbrainc.com.
RapidAI is the worldwide leader in advanced imaging for stroke. Based on intelligence gained over 1 million scans from more than 1,600 hospitals in over 50 countries, the Rapid® platform uses artificial intelligence to create high quality, advanced images from non-contrast CT, CT angiography, CT perfusion, and MRI diffusion and perfusion scans. The Rapid imaging platform includes Rapid ICH, Rapid ASPECTS, Rapid CTA, Rapid LVO, Rapid CTP, and Rapid MRI. RapidAI also offers SurgicalPreview®, a comprehensive aneurysm management platform. RapidAI empowers clinicians to make faster, more accurate diagnostic and treatment decisions for stroke and aneurysm patients using clinically proven, data-driven technology. With its validated, trusted products developed by medical experts, clinicians worldwide are improving patient care and outcomes every day. For more information, visit www.rapidai.com.
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the impact of the COVID-19 pandemic on our business, results of operation and financial condition; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow;
fluctuations in foreign currency exchange rates; and potential adverse regulatory actions. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 26, 2020, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the SEC on May 7, 2020, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on August 3, 2020 and our Quarterly Report on Form 10-Q for the quarter September 30, 2020 filed with the SEC on November 2, 2020. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.