Drugmaker KaloBios Pharmaceuticals (KBIO) on Monday said it terminated Martin Shkreli as CEO the same day last week the hedge fund investor and pharmaceutical industry executive was arrested on securities fraud charges.
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Monday’s announcement quickly followed the news Friday that Shkreli had resigned from Turing Pharmaceuticals, the company that was catapulted into the national spotlight when he jacked up the price of a 62-year-old drug used to treat rare but severe infections in HIV and cancer patients.
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He is accused of lying to investors, moving money between investments to cover losses in other vehicles and siphoning off cash for personal expenses.
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Indeed, that winning mentality is part of the 44-year-old’s nature, and he is unlikely to let his standards slip over the next six months.
Shkreli, a flagrant self-promoter who recently said he should have hiked the price of anti-parasitic drug Daraprim even more, was paraded in handcuffs by the Federal Bureau of Investigation after his arrest. Tony Chase, a board member that joined KaloBios in November when Shkreli acquired 70% of the company, has also left the company.
In a separate incident, on Sunday, Martin Shkreli had lost control of his Twitter account to hackers, hours after he took to Twitter to plead his innocence, his spokesman said.
In his first interview after being arrested, Shkreli told The Wall Street Journal that it was his price increase for Daraprim and his over-the-top persona that led to the charges against him. Before his Twitter account got hacked, Shkreli called the accusations against him “baseless and without merit”. “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.
Instead, federal prosecutors in Brooklyn and the Securities and Exchange Commission last week alleged Shkreli illegally took stock from Retrophin (RTRX) – a biotechnology company he started in 2011 and was ousted from in 2014 – to pay off unrelated business debts. Trading in KaloBios shares was halted that day and has yet to resume.
On Sunday, his Twitter, email, and cell phone were hacked. He tweeted this morning that he had regained control.
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“Most people don’t know the real Martin Shkreli”, he said. He is now free on a $5 million bail.
