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With Johnson & Johnson behind it, and with an additional $100 million invested in its development, the Palmaz stent was approved for use in peripheral arteries in 1991, followed by approval for use in coronary arteries in 1994; Johnson & Johnson quickly captured 90 percent of the market for stents and bought the patent outright from Palmaz ...
Stent technology improved rapidly, and in 1989 the Palmaz-Schatz balloon-expandable intracoronary stent was developed. [24] [25] Initial results with the Palmaz-Schatz stents were excellent when compared to balloon angioplasty, with a significantly lower incidence of abrupt closure and peri-procedure heart attack. [26]
Though several doctors have been credited with the creation of the stent, the first FDA-approved stent in the U.S. was created by Richard Schatz and coworkers. Named the Palmaz-Schatz (Johnson & Johnson), it was developed in 1987. [21] To further reduce the incidence of restenosis, the drug-eluting stent was introduced in 2003. [22]
The first device was simple, according to Parodi: “It was a graft I designed with expandable ends, the extra-large Palmaz stent, a Teflon sheath with a valve, a wire, and the valvuplasty balloon, which I took from the cardiologists." Juan Parodi invited Julio Palmaz to participate in the case at the Instituto Cardiovascular de Buenos Aires.
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The first stent was patented in 1972 by Robert A. Ersek, MD based on work he had done in animals in 1969 at the University of Minnesota. In addition to intervascular stents, he also developed the first stent-supported porcine valve that can be implanted transcutaneously in 7 minutes, eliminating open-heart surgery. [37]
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Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, at a cost of $25.4 billion. The deal was approved by Guidant stockholders on April 27, 2005. On May 25, Guidant reported 26 cases of implantable defibrillator failure, including one death.