Evalve

Abbott Laboratories acquired Evalve in 2009 and integrated MitraClip into its structural heart portfolio. The device became a flagship product for Abbott's vascular division, receiving expanded FDA indications for functional mitral regurgitation in 2019 and surpassing $1 billion in annual sales within the structural heart segment. The core MitraClip technology continues to be sold globally under Abbott.

Evalve was co-founded by cardiologist Dr. Frederick St. Goar, who practiced at the Cardiovascular Medicine & Coronary Interventions practice in Redwood City, and Ferolyn Powell, who served as CEO and chairman. Powell had previously held leadership roles at Guidant and was a prominent figure in medtech entrepreneurship. The company drew early scientific guidance from Stanford interventional cardiology researchers.

The EVEREST trial (Endovascular Valve Edge-to-Edge Repair Study) was Evalve's pivotal clinical program. The study enrolled patients with moderate-to-severe or severe degenerative mitral regurgitation across dozens of U.S. and international sites, comparing the MitraClip procedure's safety and efficacy against surgical benchmarks. EVEREST II data ultimately supported CE Marking in 2008 and provided the clinical basis for the FDA submission.

Evalve attracted early investment from Three Arch Partners, New Enterprise Associates, and other life-science-focused venture firms. The company raised multiple rounds of private financing before its acquisition, with Three Arch Partner's Mark Wan serving on the board. The precise capital structure was never publicly disclosed in full detail.

No. Abbott Laboratories owns all MitraClip intellectual property and manufacturing through the 2009 acquisition. No independent Evalve entity remains. Abbott's disclosure materials refer to MitraClip as an internally developed and advanced product line within its structural heart segment.