Vascular device with valve for approximating vessel wall

A vascular device for treating venous valve insufficiency by an intravascular approach to a target vessel, the device comprising a body and a plurality of vessel penetrating members extending radially from the body in a direction away from a longitudinal axis of the body, the vessel engaging members having penetrating tips to penetrate the vessel wall and securely grasp the vessel wall for approximation of the wall, the body movable from a vessel wall engagement position wherein the penetrating tips of the vessel engaging members penetrate to grasp the vessel wall to a second position wherein the body has a smaller cross-sectional dimension then in the vessel wall engagement position to thereby bring the vessel wall radially inwardly so the vessel wall is changed from a first diameter to a second diameter, the second diameter being less than the first diameter, such reduction in diameter enabling the treatment of venous valve insufficiency by one of a) bringing the vessel wall to the second diameter such that existing valve leaflets extending radially inwardly from an internal portion of the vessel wall move closer together to thereby reduce a gap in the leaflets to prevent retrograde flow which gap otherwise is insufficient for proper closing of the valve which results in improper functioning of the valves such that retrograde blood flow is not prevented or b) implantation of a replacement valve extending from the vascular device and implanted with the vascular device to prevent retrograde blood flow as the replacement valve moves to a closed position.