(By Balachander) St. Jude Medical Inc. (NYSE: STJ) said it has received European approval for its 23 mm Portico transcatheter valve.
On Monday, the medical device company announced European CE Mark clearance for its 23 mm Portico transcatheter aortic heart valve and transfemoral delivery system.
According to St. Jude Medical, the valve is expected to improve control and accuracy in positioning and placement of the valve, minimizing paravalvular leak and potentially reduce the need for the implantation of a permanent pacemaker after the procedure.
"The European approval of the Portico transcatheter valve signals the imminent availability of a next-generation treatment option that can help improve quality of life for patients with diseased or damaged aortic heart valves," said Frank Callaghan, president of the St. Jude Medical Cardiovascular and Ablation Technologies Division.
The company plans to commence a European study of the 25 mm valve to support CE Mark approval before the end of the year.
The stock, which has been trading in the 52-week range of $32.13 to $44.80, added 0.91 percent to trade at $35.35 on Monday.