Shkreli-infamous for raising the price of the life-saving drug Daraprim by more than 5,000 percent in September as CEO of Turing Pharmaceuticals-became CEO of KaloBios in November after buying a majority stake.
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Pharmaceutical executive Martin Shkreli says drug-price hikes, not securities fraud, led to his arrest last week.
KaloBios that day also announced the resignation of another director, Tony Chase, who was appointed to the company’s board along with Shkreli.
THE troubled pharmaceuticals company which fired its reviled CEO Martin Shkreli earlier this month has filed for bankruptcy. Fernandez also worked at drugmaker Retrophin Inc(RTRX.O), a drug company Shkreli previously headed before running Turing.
Shkreli has already been fired by KaloBios following his arrest.
The BBC even speculated that he “may be the most hated man in America”. Nasdaq cited, among other reasons, Shkreli’s criminal indictment and arrest, according to the filing. Two days later, Shkreli issued a statement on Twitter calling the allegations against him “baseless and without merit”, adding, “I am confident I will prevail”.
Federal prosecutors said the 32-year-old former hedge fund manager took money from San Diego-based Retrophin to repay clients after he lost some of his hedge fund investors’ money through bad trades.
KaloBios Pharmaceuticals, Inc.is a biopharmaceutical company.
Major creditors of the pharmaceutical company included accounting firm Ernst & Young, as well as the University of Miami, California’s Cedars-Sinai Medical Center, The Cleveland Clinic Foundation, the Mayo Clinic and other medical research centers. In one example, Turing acquired a drug used to treat a specific infection that can strike those with compromised immune systems, such as AIDS and cancer patients, and raised the price to $750 a pill from $13.50.
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But the smiling faces on KaloBios’s website offer no hint of the financial fallout. The company appealed the decision of exchange to suspend trading of its stock.
