Penumbra Announces the Formation of Joint Venture, MVI Health

ALAMEDA, Calif.--(BUSINESS WIRE)-- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today announced it has entered into a joint venture called MVI Health Inc., for the purpose of exploring healthcare applications of virtual reality technology with Sixense Enterprises, Inc.

MVI Health represents a unique partnership that brings together Sixense Enterprises, a team with deep experience and capability in virtual reality technology, and Penumbra, an innovator in the healthcare industry that is focused on developing and commercializing novel medical therapies.

“We have long believed in the tremendous potential of immersive, full-presence virtual reality to help improve lives though better healthcare and Penumbra is the perfect partner for us to collaborate with in this vision,” said Amir Rubin, CEO and founder of Sixense Enterprises. “We believe that by combining our unique immersive computing platform with Penumbra’s innovative approach to development and commercialization of medical products, MVI Health can establish itself as a leading digital health platform.”

“We are excited about the potential of the Sixense technology and its ability to improve patient experiences across broad areas of healthcare and wellness,” said Adam Elsesser, chairman and CEO of Penumbra and CEO of MVI Health. “We look forward to collaborating with healthcare professionals and institutions to address a wide variety of medical conditions that can impact a vast number of people.”

MVI Health will be headquartered in Alameda, and will be supported by investments from Penumbra and license, intellectual property and other resource contributions from Sixense Enterprises.

About Penumbra

Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets medical devices and has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs. Penumbra sells its products to hospitals and clinics primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com.

About Sixense

Sixense Enterprises, Inc., headquartered in Los Gatos, California, is a leading provider of VR/AR enterprise solutions. The company’s full-presence platform enables immersive experiences that transform enterprise applications. From cost-effective training to a variety of consumer and healthcare applications, Sixense technology delivers a more natural and intuitive way to interact in the virtual world, creating a powerful competitive advantage.

Forward-Looking Statements

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: 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; potential adverse regulatory actions; and potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. 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, 2016 filed with the SEC on February 28, 2017. 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.

Source: Penumbra, Inc.

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