ATLANTA, Feb. 27, 2020 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, announced today it has received CE Mark for the On-X Ascending Aortic Prosthesis (AAP), allowing resumed distribution in the European Union. The On-X AAP is indicated for the treatment of diseased, damaged or malfunctioning native or prosthetic heart valves in the aortic position involving an ascending aortic aneurysm. These associated aortic root diseases coexist in as many as 10 percent of all aortic valve replacements.
"The absence of the On-X AAP from the market since late 2016 has hindered our ability to compete for certain mechanical valve tenders in the EU. With the receipt of the CE Mark on the AAP, we once again have a complete portfolio of On-X products available in Europe, allowing us to be more competitive and potentially drive market share gains in the mechanical valve market. The On-X AAP offers the best hemodynamics of any commercially available valved conduit device, and we will resume selling the On-X AAP in the EU immediately," said Pat Mackin, Chairman, President, and Chief Executive Officer of CryoLife.
The On-X AAP is part of the On-X Heart Valve portfolio, which also includes the On-X® Aortic Valve and ON-X® Mitral Valve. The On-X Aortic Valve was the first mechanical aortic heart valve to receive both FDA and CE Mark approval for labeling to permit use with a reduced warfarin dosage, based on results of the original PROACT trial that demonstrated a greater than 60% reduction in bleeding events without increased risk of stroke. The On-X Mitral Valve is currently completing enrollment in its own PROACT (Lowered INR Mitral Arm) Prospective Randomized Clinical Trial, seeking a reduced warfarin indication similar to that of the On-X Aortic Valve.
About CryoLife, Inc. Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of medical devices and implantable tissues used in cardiac and vascular surgical procedures focused on aortic repair. CryoLife markets and sells products in more than 100 countries worldwide. For additional information about CryoLife, visit our website, www.cryolife.com.
Forward Looking Statements Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include our belief that having a complete portfolio of On-X products available in Europe will allow us to be more competitive and potentially drive market share gains in the mechanical heart valve market. These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These risks and uncertainties include the risk factors detailed .in our Securities and Exchange Commission filings, including our Form 10-K for year ended December 31, 2019. CryoLife does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.