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Martin Shkreli Terminated From Another Pharma Company
“Shkreli told the Journal on Sunday that “‘trying to find anything we could to stop him’ was the attitude of the government” that arrested him Thursday.
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In the month leading up to Shkreli’s arrest last week, KaloBios said it would buy the rights to a treatment for Chagas disease that was not approved in the USA, ask the Food and Drug Administration for approval, and if successful, sell it at prices similar to hepatitis C drugs.
The FBI has accused Mr Shkreli of using assets from his former company, Retrophin, to illegally pay off debts at MSMB, the hedge fund he managed.
However, following release on a $5 million bail, Shkreli, who has, since September, been called a “morally bankrupt sociopath” and “the most hated man in America”, among other things, rejected the allegations, calling them “baseless and without merit”.
THE under-fire hedge fund manager and entrepreneur Martin Shkreli has been fired from his role as CEO of a Californian pharmaceuticals company.
Drugmaker KaloBios Pharmaceuticals Inc said it removed Martin Shkreli as chief executive on December 17, the day he was arrested on charges of a securities fraud. The drug to be tested was KB003, which was being developed to treat a form of leukemia.
The now former CEO of Turing Pharmaceuticals, who has proclaimed his innocence on Twitter, described his arrest to the Journal as a “real injustice” and “definitely not something I deserve given the facts”. He had also said the price hike would help the company develop new drugs.
The company has not named a replacement even on an interim basis.
The verified Twitter account for Shkreli was apparently hacked over the weekend, but those tweets were deleted midday Monday, and a new message was posted.
In a statement, KaloBios, said that Tony Chase also stepped down from the company’s board.
No replacement to serve in Shkreli’s role has been announced by KaloBios.
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Trading in KaloBios shares was halted on Monday for the third straight session. “Willing to donate hundreds of thousands to charities before I go to prison”, and asking people to re-tweet a message for a chance to win the one-of-a-kind Wu-Tang Clan album that he notoriously paid $2 million for. He was later ousted from the company, where he’d been CEO, and sued by its board.