“The legal matters concerning the founder and CEO Martin Shkreli are personal and have no bearing on Turing Pharmaceuticals”, the company said on its website on Thursday.
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Shkreli, 32, denied wrongdoing Thursday after he was arrested and then freed on a $5-million bond.
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The former Turing Pharmaceuticals CEO stepped down Friday, the company announced, and board of directors chairman Ron Tilles will fill his role on an interim basis.
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“We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic, research-focused company it is today”, Tilles said in prepared remarks, “and wish him the best in his future endeavors”.
Shkreli has been under investigation for securities fraud related to hedge fund MSMB Capital Management and biopharmaceutical company Retrophin Inc.
He has handed in his passport and is restricted to travelling only to certain parts of NY.
Shkreli was arrested and arraigned Thursday on seven counts of securities fraud and conspiracy. He faces up to 20 years in prison if convicted.
A day after Martin Shkreli was arrested, he lost his job as a pharmaceuticals C.E.O.
“As the indictment says, Mr Shkreli engaged in “a scheme to defraud Retrophin”.
This could also mean that he’s forced to give back the one-of-a-kind, never-heard copy of the Wu-Tang Clan album Once Upon A Time In Shaolin, which he bought for $2million.
Shkreli was vaulted into the headlines earlier this year when he purchased a life-saving pharmaceutical drug and raised its price from $13.50 to $750 a pill.
In recent months, Shkreli has made controversial remarks in the press about raising drug prices and taunted detractors, including Democratic presidential candidate Bernie Sanders, on social media outlets.
His last tweet came after he was released on $5 million bond, writing: “Glad to be home”.
On Friday Mr Tilles vowed to make the drug affordable: “We remain committed to ensuring that all patients have ready and affordable access to Daraprim”.
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But Shkreli recently took over another small publicly-traded drug company, KaloBios, which develops cancer drugs.
