Martin Shkreli’s $1 million school donation angering alumni

Pharmaceutical entrepreneur Martin Shkreli has resigned as chief executive of the company he founded a day after being arrested on fraud charges.

Mr Shkreli, a 32-year-old former hedge fund manager, has become “the most hated man in America” according to some headline writers for hiking up the price of the only approved drug for a life-saving parasitic infection by 5,000% after acquiring rights to it.

“We wish to thank Martin for helping us to build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors”, Tilles said in a statement.

Ron Tilles, chair of Turing’s board, will be the privately held company’s interim CEO.

Tilles will continue to serve as chairman of the Board of Directors.

Shkreli, who compounded his villainy by buying the sole copy of a Wu-Tang Clan album and then casually stating that he never even listened to it, was released from Brooklyn federal court after posting $5 million bond.

USA prosecutors said Shkreli “essentially ran his companies like a Ponzi scheme” and presided over “a web of lies and deceit”.

He later posted on his Twitter account: “Glad to be home”.

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.

Shkreli, who has previously denied these allegations, faces a maximum sentence of 20 years in prison if convicted on all charges. “Thanks for the support”.

Mr Shkreli’s arrest is linked to activities in the past, connected to his work at Retrophin, the investigation is not believed to stretch to his activity at Turing.

In November, Shkreli acquired a majority stake in KaloBios Pharmaceuticals, taking the role of CEO there as well. Days before the acquisition, the company had said it was shutting down because its products had failed clinical trials and it was out of cash.