After being arrested on securities fraud charges last week, Martin Shkreli has been terminated from his other pharmaceutical company.
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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.
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The company has not named a replacement even on an interim basis.
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Shkreli’s Turing Pharmaceuticals was the vehicle for the Daraprim effort.
Retrophin and federal prosecutors both accuse Shkreli of essentially stealing company assets and stocks to compensate allegedly swindled investors in two troubled hedge funds.
Four days after his arrest on fraud charges, Martin Shkreli received his second pink slip, this time from KaloBios Pharmaceuticals (NASDAQ: KBIO), a struggling drug maker that Shkreli took over last month. He also resigned from the company’s board of directors. The drug being tested, known as KB003, was developed to treat a form of leukemia.
Shkreli joined KaloBios in November after acquiring 70% of the company.
The private placement, in which outside investors paid $24.855 per share, was consummated Wednesday, one day before Shkreli was arrested, according to a regulatory filing.
Amid a deluge of criticism from patients and politicians, Shkreli pledged to lower Daraprim’s price, but later reneged and instead offered hospitals a 50 percent discount – still amounting to a 2,500 percent increase. Though notorious for the price hike, his arrest was for an unrelated accusation.
KaloBios, a publicly traded company was in big financial troubles prior to Mr. Shkreli’s involvement.
The KaloBios ouster marks the latest setback for the 32-year-old healthcare industry entrepreneur who has drawn widespread criticism for imposing steep price hikes in the cost of drugs controlled by his companies. On Monday morning, he tweeted that he had regained control of his Twitter account, which had been reportedly hacked over the weekend.
“Among the tweets, which have since been deleted, one said: “**** the Federal Bureau of Investigation you know they can’t touch a god like me”. Another said, “Anyone want free money? Willing to donate hundreds of thousands to charities before I got to prison…” read another.
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Retrophin ousted Shkreli past year.
