KaloBios on Monday said two directors – Tom Fernandez and Marek Biestekhad – had resigned in the wake of Shkreli’s arrest for alleged securities fraud.
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The petition filed on Tuesday in DE lists $8.37 million in assets and $1.94 million in debt, according to court papers. The Firm is focused on the development of monoclonal antibody therapeutics for diseases that represent a burden to society and to patients and their families. The filing also named Shkreli, David Moradi and Anthion Partners II LLC as majority shareholders. But the damage to KaloBios Pharmaceuticals has been done, and Tuesday the company filed for Chapter 11 bankruptcy protection in Delaware, Reuters reports. He resigned from the San Francisco-based company shortly after getting arrested on federal securities fraud charges, and things only got worse for KaloBios after that. The departures came more than a week after the company fired Shkreli, who had also been CEO of Turing Pharmaceuticals Inc prior to his indictment. The company has a market cap of $97.28 million.
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Drug price villain prosecuted for securities fraud
He did so this fall, shortly after Turing acquired rights to sell the pill in the USA , paying another company million for it. Shares of KaloBios plunged by close to 50 percent on the back of the reports and trading had to be halted in the shares.
KaloBios said Shkreli had been fired last week after only taking on the role of the CEO in November. Marcum had audited Retrophin Inc.-a company that Shkreli founded but which is suing him-during the 2013 period when transactions occurred that are now the subject of charges by the SEC and the Justice Department.
Martin Shkreli, the CEO and founder of Turing Pharmaceuticals made famous after accusation of drug price-gauging, has been arrested in New York City.
Shkreli earned the nickname “most hated man on the internet” after he bought the rights to Daraprim, a drug used to treat those with weakened immune systems caused by illnesses like HIV.
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The ensuing wave of criticism from public interest groups, lawmakers and presidential candidates including Hillary Clinton seemed not to cow Shkreli. Shkreli was sacked by KaloBios after the arrest and has denied wrongdoing.
