A delivery device and method for intraluminally deploying a clip appliance within a body lumen or cavity of a patient, for example a vein. The clip is configured from a wire-like, bendable material, having a "W"-like sinusoidal shape. The clip is constructed with sharpened slanted edges at the tips which provide preferential bending and straightening when the clip is deployed into patient tissue, for example, a venous valve. The delivery device comprises a catheter and a structure for bending and releasing the clip. The catheter is configured with an elongate flexible tubular member secured to a slotted housing having a distal tapered tip. A handle is secured to the proximal end of the flexible tubular member. A balloon and actuator arm combination is disclosed for forcing a clip against an anvil to bend the clip from an open to a closed condition and for releasing the clip from a slot in a side wall of the housing. The housing may be configured to retain and deploy a plurality of clip appliances. During clip deployment, the catheter housing is positioned within a vessel or viscus of a patient, and the slot in the side wall is precisely aligned and stabilized with a second inflatable member. A force is applied to the clip to bend the clip and secure it to the desired location and the clip is released from the delivery device through the slot in the housing.