Former device executive Christopher M. Barry pleaded guilty to stealing information from Lutonix and bringing it to his next device company employer, according to the Star Tribune.
Here are five things to know:
1. Mr. Barry copied six of drug-coated balloon medical product manufacturer Lutonix's secret design files in April 2015 before resigning the next day. He then became CEO of urology device company Urotronic, where he utilized the files and shared other Lutonix secrets, according to the plea agreement.
2. Urotronic, which wasn't aware of Mr. Barry's actions, promptly demanded his resignation.
3. He served as vice president of research and development at Lutonix from 2007 to 2015.
4. Mr. Barry will likely serve between 24 and 30 months in prison.
5. Lutonix and Urotronic sell similar drug coated balloon products for urethral stricture disease treatment.
A Urotronic statement said, "Urotronic's product was developed before Mr. Barry was hired and Mr. Barry had no involvement in the development of the Urotronic technology."
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