Tag: Kalobios

Martin Shrkeli’s former drug company goes under
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Martin Shrkeli’s former drug company goes under

Well, sort of. According to reports, KaloBios Pharmaceuticals has reportedly filed for Chapter 11 bankruptcy listing more than $1.9m in debt and more than $8.1m in assets. Trouble for the company is mounting, considering, Nasdaq informed the company that because of Shrkeli's deceit on the stock market -- they would be delisted come 25 December.
Martin Shrkeli is no longer any kind of pharma CEO
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Martin Shrkeli is no longer any kind of pharma CEO

And that's at least good news for some. According to several reports, the betrothed  ex-pharma ceo of Turing Pharma (some of which he resigned from Friday) is now no longer working for  KaloBios Pharmaceuticals either. Apparently, Kalobios actually terminated Shrkeli the day of his arrest but never quite announced it to anybody. The decision came after it emerged that Shrkeli had traded stocks illegally on the stock market, and, used funds from one company to pay off another that were earned from the stocks entirely. The company announced Monday that trading had been suspended since last week, and, as of this writing they're unsure when it will resume.  
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