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Martin Shkreli Terminated From Another Pharma Company

Martin Shkreli Terminated From Another Pharma Company
Pills 1 e-Magine Art / Flickr CC BY 2.0

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Martin Shkreli Terminated From Another Pharma Company

Martin Shkreli was terminated as chief executive of KaloBios Pharmaceuticals following his arrest on securities fraud charges last week.

After being arrested on securities fraud charges last week, Martin Shkreli has been terminated from his other pharmaceutical company.

KaloBios Pharmaceuticals, a California biotechnology company, announced that Shkreli – infamously known as the man who jacked the price of the drug used to treat AIDS from $13.5 to $750 – has been terminated as CEO and had also stepped down from his seat on the board the same day he was arrested. Shkreli had gained control of the company in November.

No replacement to serve in Shkreli’s role has been announced by KaloBios.

As reported by the New York Times, Shkreli was ousted as the chief executive of Turing Pharmaceuticals, which he had co-founded last year, last week. The allegations brought against him include using money from Retrophin, his first pharmaceutical company, to settle his debts related to his hedge fund and investors, and duping his investors in hedge funds.

Shkreli maintains that he is not guilty. He is currently free on a $5 million bail. In an interview with the Wall Street Journal, he said that the government was “trying to find anything [it] could to stop him.”

Robert Capers, U.S. attorney of the eastern district of New York, said the charges brought against Shkreli were “a securities fraud trifecta of lies, deceit, and greed,” adding that he “essentially ran his companies like Ponzi schemes, where he used each subsequent company to pay off defrauded investors from the previous company.”

Shkreli became the chief executive of KaloBios in November after obtaining 70 percent of its outstanding shares. He planned to acquire the license of a treatment for a parasitic infection, Chagas infection, and escalate the price from a few hundred dollars to as much as $100,000 over a period of 12 weeks, as reported by the Verge.

The securities fraud charge brought against Shkreli could lead to a prison sentence of 20 years.

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About Shaurya Arya

Shaurya covers wide range of genres. He is in the know about the day-to-day happenings in the US. He covers politics, environment, lifestyle and sports. Follow him to know the latest development in the US Presidential Election, rescue operations during tornadoes and other calamities or simply whether those viral videos and memes are true or hoax. With a Masters in Journalism, he has a bright future ahead in the field of writing and reporting.

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