Drug price villain prosecuted for securities fraud

Martin Shkreli has resigned as chief executive of Turing Pharmaceuticals following his arrest on fraud charges.

Citing anonymous sources, the Journal said the pharmaceutical company is “close” to finding a suitable replacement in anticipation of the CEO’s resignation.

Since news broke this week that pharmaceuticals CEO Martin Shkreli had been arrested on securities fraud charges, the Internet has been going insane over the fate of the Wu-Tang album, Once Upon a Time in Shaolin.

Shkreli gained worldwide infamy in September when it was revealed that his company, which had recently acquired the rights to Daraprim, was to increase the price from $13.50 to $750 a pill.

Shkreli, 32, denied wrongdoing Thursday after he was arrested and then freed on a $5-million bond. 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.

But an unapologetic Shkreli, a former hedge fund manager, said earlier this month that lowering the price was not in his game plan.

Ron Tilles will become interim chief executive after Mr Shkreli was accused of securities fraud in relation to a drug company and a hedge fund he managed.

Shkreli was in the headlines yesterday as well after he revealed in an unsettling interview with HipHopDX, his plans for trying to bail out Bobby Shmurda, referring to him as “New York’s best chance for rap since 50 Cent”.

Shkreli pleaded not guilty to charges unrelated to his time at Turing, which he founded earlier this year.

“We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl”, the company said in its statement.

“Thanks for your support”, Shkreli told some 800 viewers on the Youtube broadcast. KaloBios, which planned to shut down operations, named Shkreli its CEO on November 20, after he and a consortium of investors bought about 70 per cent of the company’s outstanding shares. Nasdaq has placed KaloBios’ stock on a trading halt until the company provides more information.