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Martin Shkreli Terminated From Another CEO Gig Following Fraud Charges

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(Freaktography)

Things continue to unravel for Martin Shkreli, best known as the guy whose company bought the rights to a previously affordable, life-saving generic drug, then increased its price by 5,400% overnight. After being arrested last week in an unrelated securities-fraud investigation, the “pharma bro” has lost his spanking-new job as CEO of KaloBios Pharmaceuticals. 

Shkreli’s termination from San Francisco-based KaloBios, which has a current focus on developing treatments for cancer patients, comes just a month after he was appointed to the company’s top seat. Shkreli has also resigned his seat on the KaloBios board.

In November, Shkreli acquired 70% of KaloBios after he and a group of investors committed to an equity investment of at least $3 million, as well as a commitment of $10 million toward an equity financing facility, the company said at the time.

On Monday, KaloBios said that Tony Chase, who joined the board at the same time as Shkreli, resigned from his position as a member of the board of directors. The company, which said the termination was effective Dec. 17, did not name an interim leader.

Shkreli is best known as the guy whose other company, Turing Pharmaceuticals, bought the rights to Daraprim. The drug, an anti-parasitic used to treat malaria and toxoplasmosis, had long been available as a generic for only around $1 per pill. A recent acquisition of the product resulted in a rate hike to $13.50/pill, but immediately after Turing purchased the rights to Daraprim, the per-pill price soared to $750.

Shkreli now faces charges related to his time running a hedge fund and working at a company called Retrophin.

On Thursday, he was charged with illegally taking stock from Retrophin, a company he started in 2011, and using it to pay off debts from unrelated business dealings. He pleaded not guilty to the charges of securities fraud and was released on $5 million bail.

A day later, Turing announced that Shkreli had resigned from his post at that company. Chairman Ron Tilles will fill the role of interim chief. The New York Times pointed out at the time that Tilles was a founder and worked in business development at Retrophin.

[via Business Insider]


by Ashlee Kieler via Consumerist

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