) recently released positive data from the EVEREST II
(Endovascular Valve Edge-to-Edge REpair STudy) High Surgical Risk
The study evaluated Abbott's MitraClip system for the
treatment of mitral regurgitation (MR) - a common form of heart
The device is delivered to the heart through a blood vessel in
the leg (the femoral vein). Furthermore, the MitraClip system
aims to bring down MR by clipping together the leaflets of the
mitral valve so that the heart can pump blood in a more efficient
We note that Abbott's MitraClip system is currently under
review for approval by the US Food and Drug Administration (FDA).
An amended filing was submitted to the FDA in Dec 2011, which is
expected to be reviewed by a FDA panel in the first half of
The MitraClip system received CE mark (mandatory confirmation
for products placed in the European market) in 2008 and is
marketed in Europe and in parts of Asia and Latin America.
The study suggested that treatment with the MitraClip device
provides a new option to patients, who are at a high risk of open
mitral valve surgery, to return to normal activities along with a
reduction in hospitalization for heart failure.
Having separated its proprietary pharmaceutical business into
a separate company in Jan 2013, the diagnostics business presents
a key opportunity for growth to Abbott. The business primarily
focuses on the development of next-generation instruments and
other advanced technologies, expansion in emerging markets along
with margin improvement.
Abbott currently carries a Zacks Rank #3 (Hold). Large-cap
pharma companies that currently look attractive include
). All three carry a Zacks Rank #2 (Buy).
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