The KaloBios ouster marks the latest setback for the 32-year-old healthcare industry entrepreneur who has drawn widespread criticism for imposing steep price hikes in the cost of drugs controlled by his companies.
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KaloBios terminates Shkreli as CEO
Shkreli became the chief executive of KaloBios in November after obtaining 70 percent of its outstanding shares. United States authorities brought charges against Shkreli on Thursday.
“It is no coincidence that these charges, the result of investigations which have been languishing for a considerable time, have been filed at the same time of Shkreli’s high-profile, controversial and yet unrelated activities”.
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The Martin Shkreli saga continues to unfold.
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KaloBios, which has a market cap of less than Dollars 100 million, hasn’t traded since last Thursday. 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.
However, after he was released on bond of a $5 million, Shkreli, who had, since September, been called a “morally bankrupt sociopath” and “the most hated man in America, ” among other things, rejected the allegations, and said they were “baseless and without merit”.
Shkreli recently became the CEO of a second company, KaloBios Pharmaceuticals, Inc., based in South San Francisco, California. It is the only approved drug for treating a life-threatening parasitic infection given to people with weakened immune systems.
Shkreli was already widely reviled because a different drug company he founded, Turing Pharmaceuticals, raised the price of a life-saving drug from United States dollars 13.50 to USD 750 per pill.
“That seems like a real injustice”, he told the Wall Street Journal, adding that he took offense at the U.S. Attorney referencing his actions as a “Ponzi-like scheme”. Shkreli tweeted Saturday: “I am confident I will prevail”. Another said, “Anyone want free money?” Shkreli held more than 50 per cent of the company’s shares as of November 24, according to Bloomberg data.
His You Tube account, where he’s frequently live-streamed himself working on his home computer, talking to himself and eating, also was hit with posts belittling him and hasn’t been active since Sunday. The company also said he resigned from his post as a member of its board, NBC News reported.
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KaloBios stock was halted on December 16 after news of the arrest. He was later ousted from the company, where he’d been CEO, and sued by its board. The drug under testing known as KB003, is meant for use in the treatment of leukemia.
