Conor Stent Cleared in Europe

The company will join other device makers who sell stents in the EU.
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Conor Medsystems

(CONR)

received regulatory approval to market a new stent in Europe, joining a host of competitors who are already fighting to conquer the continent.

Shares of Conor were up 6 cents to $24.23 Friday.

Stents are used to prop open arteries that have been clogged. Conor's CoStar stent differs from similar devices in that it has a number of small holes through which the drug paclitaxel is slowly released. Other stents are coated with a drug to prevent reclogging.

"We believe that the unique design and technology of Conor's drug-eluting stent represents a significant innovation in the treatment of patients with coronary artery disease and that the use of Conor's CoStar stent will lead to improved patient care," said Azin Parhizgar, the company's chief operating officer.

The devices will be sold by

Biotronik

, a manufacturer and distributor of heart devices. Conor's stent isn't approved for use in the U.S.

Medtronic

(MDT) - Get Report

,

Guidant

(GDT)

,

Johnson & Johnson

(JNJ) - Get Report

and

Boston Scientific

(BSX) - Get Report

also sell stents in Europe. Guidant and Boston are planning to merge.