KaloBios fires former Turing CEO Martin Shkreli after his arrest

“You know, the press conference they put on was unacceptable, ” Shkreli told the Journal Sunday, referring to the conference held Thursday by the USA attorney Robert Capers. Tony Chase, who had been added to the board when Shkreli’s Turing Pharmaceuticals gained control of KaloBios in November, also resigned, the company said. Shkreli denied wrongdoing. He’s accused of repeatedly losing money for investors and lying to them about it, as well as illegally taking assets from one of his companies to pay off debtors in another.

The infamous founder of Turing Pharmaceuticals was arrested last week on charges of security fraud and has been removed as CEO of the drugmaker KaloBios Pharmaceuticals ( KBIO ).

KaloBios said Monday that it terminated Shkreli last Thursday, but it did not give a reason.

UC Davis and the Moffitt Cancer Center in Florida, which were running a clinical trial for a KaloBios drug to treat a form of leukemia, have suspended the trials “pending further analysis”, according to Bloomberg”. Its shares tumbled 70 percent in January after its drug for lung infections failed in testing.

“We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors”, said Tilles in a statement announcing the decision. “The charges against me are baseless and without merit”, Shkreli, who is free on $5 million bond, tweeted on Saturday.

He was charged with securities fraud and conspiracy for setting up a Ponzi-like scheme at his former hedge fund MSMB Capital Management and Retrophin Inc.

The maximum sentence for the top count is 20 years in prison.

The verified Twitter account for Shkreli was apparently hacked over the weekend, but those tweets were deleted midday Monday, and a new message was posted. It was a short tenure: Shkreli took the helm of KaloBios last month, after buying a majority share in the company. The company announced it would shut down right before Shkreli and a group of investors swooped in with cash and pledges of financing to keep it going.

“I was hacked-I now have control of this account”. He was later ousted from the company, where he’d been CEO, and sued by its board.