Martin Shkreli, arrested on fraud charges last week, is let go by the small drugmaker he took over last week.
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On Friday he resigned as CEO of Turing Pharmaceuticals and on Monday KaloBios Pharmaceuticals removed him as CEO. Chase joined the board in November when Shkreli took charge of the company.
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Shkreli was charged last week with securities fraud for allegedly using assets of new companies to pay off debts from bad trades he made while running two hedge funds.
Turing, under Shkreli, was widely criticized for buying rights to a relatively cheap, decades-old treatment for a life-threatening infection, then hiking its price by more than 5,000 percent. The drug being tested, known as KB003, was developed to treat a form of leukemia. On Monday, he and his attorneys finally regained control of the recently arrested ex-pharmaceutical C.E.O.’s Twitter account, after it was hacked and began sending, without context, messages all-too similar to things Shkreli might actually tweet.
“It was hacked”, Craig Stevens, a spokesman for the former chief executive of Turing Pharmaceuticals, said in an email. After stating he would lower the price of Daraprim, the drug that helps keep HIV victims alive, Shkreli decided he wouldn’t after all as soon as the media attention died down. Another said, “Anyone want free money? Willing to donate hundreds of thousands to charities before I got to prison…” read another. He had also said the price hike would help the company develop new drugs.
Last month, Shkreli bought a majority interest in South San Francisco, California-based KaloBios and named himself CEO. Trading will not resume until the company satisfied Nasdaq’s request for additional information, the exchange said in a statement. That same day, KaloBios’ stock price dropped dramatically, costing Shkreli about $26 million. The SEC complaint accuses Shkreli of a string of abuses, including exaggerating to hedge-fund investors his investment performance and assets under management.
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Shkreli added a tweet to the top of his Twitter feed Saturday saying that he was confident he would prevail.
