Martin Shkreli, the former hedge fund manager vilified in almost every corner of America for buying a pharmaceutical company and jacking up the price of a life-saving drug more than fiftyfold, resigned as CEO of Turing Pharmaceuticals Friday, a day after he was arrested by the Federal Bureau of Investigation on securities fraud charges unrelated to the furor.
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Turing announced that its founder and current chairman, Ron Tilles, would replace Martin Shkreli on an interim basis, wishing him “the best in his future endeavors”.
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He pleaded not guilty to charges of securities fraud and conspiracy, which carry a sentence of up to 20 years in prison if he’s convicted.
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Retrophin’s board earlier this year accused Shkreli in a lawsuit of using $65 million in company funds to repay MSMB investors who had lost money.
Tilles, who handled business development for Retrophin at the time, was not named in the indictment against Shkreli and has not been charged with any crime.
Shkreli, 32, denied wrongdoing after he was arrested Thursday and then freed on a $5 million bond.
Meanwhile, a number of major medical groups are calling on doctors to prescribe lower-cost alternatives to Daraprim, providing detailed instructions. According to the NY Times, “KaloBios hopes to win approval for the drug in the United States and sell it for around $60,000 to $100,000 for a course of treatment”.
In a statement, Turing said the leadership change would have no effect on the availability of Daraprim.
Shkreli was removed Retrophin, the company he helped built, because of misconduct.
In recent months, Shkreli has made controversial remarks in the press about raising drug prices and taunted detractors, including Democratic presidential candidate Bernie Sanders, on social media outlets. “Starting sometime in early 2012, and continuing until he left the Company, Shkreli used his control over Retrophin to enrich himself, and to pay off claims off MSMB investors (who he had defrauded)”, stated the August 17 securities filing.
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On Thursday night Mr Shkreli tweeted: “Glad to be home”. A call to Shkreli’s office line went unanswered. “Thanks for the support”, he wrote on Twitter.
