Reviled US pharmaceutical and hedge fund figure Martin Shkreli resigned as chief executive of Turing Pharmaceuticals on Friday, a day after his arrest on fraud charges, the company said Friday.
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In a statement Turing said it had appointed Ron Tilles, chairman, as interim CEO.
“We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl”, the company said in its statement.
Shkreli listed himself as founder and CEO of Turing Pharmaceuticals since October 2014, according to his LinkedIn profile.
The SEC has requested a jury trial in the case, in which it’s asking a court to order Shkreli and his lawyer, Evan Greebel, to “disgorge their ill-gotten gains”, to levy fines on the pair, and to bar them from serving as officers or directors of companies. Shkreli also forfeited his passport and had his travel restricted to the Eastern and Southern districts of New York – an area that includes the five boroughs of New York City, Long Island and the north suburban counties. Even, he has pleaded not guilty and freed on a $1 million bond.
Mr Tilles has been chairman of Turing since the company was founded a year ago.
The stunning arrest by Federal Bureau of Investigation agents in broad daylight means the drugs boss could now face up to 20 years behind bars. He was released on bail and tweeted: “Glad to be home”.
While at the company, he acquired Daraprim, a drug that helps patients who have cancer or are HIV-positive, and raised the price per pill from $13.50 to $750.
Responding to the outcry, Shkreli initially said he would roll back the Daraprim price hike. “Thanks for the support”.
Turing, which Shkreli started after leaving Retrophin, is privately held. Headlines called him such things as “America’s most hated man”, the “drug industry’s villain”, “biotech’s bad boy” – and those were just the more printable names.
In recent months, Shkreli became a pariah for his controversial remarks in the press and taunts on social media outlets, including to Democratic presidential candidate Bernie Sanders. Shkreli defended the increase as “a good business decision”.
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He later said the company would lower the price. After his arrest, its stock fell by more than half Thursday before trading in the company was suspended.
