Privately held drugmaker Turing Pharmaceuticals Inc is close to replacing Chief Executive Martin Shkreli, the Wall Street Journal reported on Friday, a day after the Federal Bureau of Investigation arrested him on charges of securities fraud.
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Ceresney, director of the SEC’s Division of Enforcement, said Shkreli allegedly “perpetrated a series of frauds on investors in his hedge funds and Retrophin’s shareholders in order to cover up his poor trading decisions”.
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Tilles’ statement said Turing was “committed to ensuring that all patients have ready and affordable access to Daraprim” and Vecamyl, a Turing drug for treating malignant hypertension, high blood pressure that develops suddenly.
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Evan Greebel, a NY lawyer, who is alleged in the federal indictment to have helped Shkreli in his schemes, was also arrested and charged.
Retrophin, which fired Shkreli more than a year ago, has since sued Shkreli in federal court, seeking $65 million from him, accusing him of misusing the company’s cash and stock.
Shkreli became a symbol of corporate greed earlier this year when he raised the price of Daraprim, the preferred treatment for a rare parasitic infection, from $13.50 per pill to $750 per pill-a 4,000 percent hike.
Shkreli’s stunning arrest on Thursday stemmed from previous hedge fund and biopharmaceutical companies he owned and later left.
In February 2015 Martin Shkreli founded Turing Pharmaceuticals, acquiring three drugs that had been in development at Retrophin.
Martin Shkreli, the perennially brazen onetime hedge funder turned pharmaceutical executive turned indicted 32-year-old accused of securities fraud, has another moniker as of Friday: unemployed.
He tweeted last night he was “glad to be home”.
Last month, Turing also confirmed it would offer price discounts of up to 50% to hospitals. “Thanks for the support”.
Turing has offices in NY and Zug, Switzerland.
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Shkreli listed himself as founder and CEO of Turing Pharmaceuticals since October 2014, according to his LinkedIn profile.
