March 7 (Bloomberg) -- Abbott Laboratories’ Absolute Pro stent won U.S. Food and Drug Administration approval to treat patients with clogged arteries leading to the legs.
The condition, known as peripheral artery disease, develops when a blockage or narrowing in the vessel reduces the blood supply to the legs, causing chronic pain and trouble walking. The stent is threaded into the blockage in the iliac artery that runs from the hip down the leg, and expanded to clear a path for blood to resume flowing.
Between 8 million and 12 million American are affected by the condition, which also affects blood flow to the head, arms and kidneys, said the Peripheral Arterial Disease Coalition in Lakewood, Colorado. Patients who used Absolute Pro had significantly fewer deaths, heart attacks or repeated procedures than expected based on previous trials using older stents, the Abbott Park, Illinois-based company said in a statement today.
“Iliac artery disease greatly impacts patients’ overall quality of life,” said study investigator Tony Das, director of peripheral vascular interventions at Presbyterian Heart Institute in Dallas, in a statement. “U.S. physicians now have an additional option that is proven safe and effective to treat many patients with this debilitating disease.”
Abbott fell less than 1 percent to $56.26 at the close of New York trading. The shares rose 16 percent in the past 12 months.
Peripheral vascular devices, including stents, angioplasty balloons and synthetic grafts, generated $4.3 billion in global revenue 2010 and may earn $5.6 billion in 2014, according to Technavio, a market research firm in Elmhurst, Illinois.
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