FDA approves Medtronic's drug-coated stent

Medtronic stock rises on FDA approval of drug-coated Endeavor stent.

Subscribe to Companies
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Aaron Smith, CNNMoney.com staff writer

GOP candidates' health plans
CNN's Dr. Sanjay Gupta takes a look at the Republican presidential candidates' health care proposals.

NEW YORK (CNNMoney.com) -- Medtronic said on Friday that the Food and Drug Administration approved its drug-coated stent Endeavor.

Medtronic's (MDT, Fortune 500) stock rose more than 3% on the news. The company said it will launch the product into the U.S. market "immediately."

"We will initiate shipments today," said Scott Ward, president of Medtronic's cardiovascular business. He said the first stent procedures would happen on Monday.

The approval was not entirely expected, as drug-coated stents have come under FDA scrutiny over reports that they might cause blood clots. But this potentially dangerous side effect has not been proven.

The Endeavor will compete directly with two drug-coated stents that are already on the market: Johnson & Johnson's (JNJ, Fortune 500) Cypher and Boston Scientific's (BSX, Fortune 500) Taxus.

Also, Abbott Labs (ABT, Fortune 500) is awaiting an FDA decision for its drug-coated stent, called Xience.

The drug-coated mesh wire stents have been available in the United States since 2003. They are used to prop over arteries during, and after, angioplasty procedures. The older model of bare metal stents is still available. To top of page

Photo Galleries
The 5 hottest stocks of 2015 Netflix blew away the rest of the stock market during the first half of the year. Here's a look at the other top stocks of 2015. More
These cities have the world's most expensive beer The world's most expensive cities for beer range from European capitals to financial centers in Asia. These are the destinations where a pint will set you back the most. More
8 great convertibles for summer Slap on some sunscreen and hit the open road in one of these fun open-top cars. More
Sponsors