Please ensure Javascript is enabled for purposes of website accessibility

Abbott Wins European Approval for Latest MitraClip Heart Valve Device

By Eric Volkman – Sep 22, 2020 at 5:30PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Versions of the device have been available in the EU since 2008.

Abbott Laboratories (ABT -1.60%) has scored a fresh victory across the Atlantic Ocean. The company announced Monday that it has been granted a CE Mark for its MitraClip G4, the latest version of its popular heart valve replacement device, which means it is approved for use in the countries of the European Union.

The G4 had already been approved for use in the U.S. by the Food and Drug Administration. It treats mitral regurgitation, a condition in which the mitral valve that sits between the left atrium and left ventricle of the heart fails to close properly. According to Abbott, this is a common heart condition -- among people 75 and older, one in 10 suffer from it.

A medical professional making a heart symbol with his hands.

Image source: Getty Images.

"This CE Mark, along with other recent approvals and advancements for our MitraClip device, underscores the need for MitraClip's innovative therapy -- which has become a preferred choice for the treatment of mitral regurgitation around the world," Abbott quoted Michael Dale, senior vice president of its structural heart business, as saying.

The MitraClip was developed in the late 1990s and early 2000s by a company called Evalve, which was bought by Abbott in 2009. The first version of the device was approved for use in Europe in 2008, and in the U.S. in 2013. According to Abbott, more than 30,000 patients have received MitraClips.

Despite the new regulatory green light, Abbott shares fell by almost 1.1% Tuesday, in contrast to the gains posted by the major equity indexes.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.