This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Penumbra, Inc. designs, manufactures, and markets medical devices, including neurovascular and vascular access products. The company's product development and regulatory compliance process relies on animal testing. Its annual financial filings note that applications for Investigational Device Exemption (IDE) to the FDA must be supported by data, including animal and laboratory testing results, to demonstrate safety for human testing. While some product validations may use bench testing instead, animal testing remains a stated component of its development framework for bringing novel medical devices to market.
Penumbra, Inc. develops and manufactures medical devices for vascular conditions, including stroke and aneurysm therapies. The company’s regulatory filings and product submissions explicitly rely on animal testing data to demonstrate safety and secure FDA approval. For example, a 2025 regulatory summary for a Penumbra device states that “animal and laboratory testing results” were used to show it is safe for testing in humans, while other submissions note that bench and previously performed animal testing served in lieu of clinical studies.
This reliance on animal testing is integral to its business model. Penumbra operates in a highly regulated medical device sector where FDA submissions for Investigational Device Exemptions (IDEs) and pre-market approvals must be “supported by appropriate data, such as animal and laboratory testing.” The company’s product pipeline and regulatory strategy are built on this requirement, making animal testing a systematic component of its product development and compliance process.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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