The Associated Press November 1, 2011, 4:56PM ET

Abbott Labs says FDA clears Xience Prime stent

Abbott Laboratories said Tuesday that the Food and Drug Administration approved its Xience Prime stent, a drug-coated stent used to treat coronary artery disease.

Abbott said the new stent has an enhanced designed an improved delivery system compared to older Xience stents. Xience Prime was approved in the European Union in 2009, and is on the market in the Middle East and most of Asia.

Stents are mesh-wire tubes used to prop open arteries after they have been cleared of fatty plaque.

Shares of Abbott fell 2.1 percent to $52.76 on Tuesday.

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