OTISMED’S CHI SENTENCED TO PRISON (Orthopedics This Week)
List of Mergers and Acquisitions in Orthopedics
Charlie Chi's profile on LinkedIn
Charlie Chi, Ph.D., the former CEO of OtisMed Corporation has been sentenced by the U.S. District Court of the District of New Jersey to 24 months in prison, one year of supervised release and ordered to pay a $75,000 fine.
Selling Adulterated Devices
Chi pleaded guilty last December to introducing adulterated medical devices into interstate commerce. The company also agreed at the time to pay more than $80 million to resolve related criminal and civil charges.
More than 18,000 of the devices were sold for approximately $27.1 million between May 2006 and September 2009.
In a June 26, 2015 press release, the FDA said that none of the claims regarding the OtisKnee cutting guide used during total knee arthroplasty were evaluated by the agency before being advertised and promoted by the company. The company submitted a 510(k) pre-market notification to the agency seeking clearance to market the products. Until then, the agency says the company had been "falsely representing to physicians and other potential purchasers that the product was exempt fr...
