A coated balloon device for stabilizing a section of a blood vessel in a living subject is disclosed. The coating layer of the coated balloon comprises a phenolic compound having a plurality of phenolic groups connected to form a hydrophobic core with peripheral phenolic hydroxyl groups. The coating layer of the coated balloon may contain a hydrophilic polymer to facilitate the release of the phenolic compound. The balloon in general is made of a compliant polymer for atraumatic contact with the blood vessel. In some embodiments, the coating of the coated balloon device further comprises a hydrophilic undercoat layer between the balloon and the coating layer. In some embodiments, the coated balloon device further comprises a sacrificial top coating that dissolves upon delivery into the section of the blood vessel and comprises a hydrophilic composition including sugar, sugar derivatives, or a combination thereof.