KaloBios removes Shkreli as CEO

The move follows his arrest last week on securities fraud charges unrelated to the drug pricing issues that drew national scorn.

KaloBios has announced that Martin Shkreli resigned from its board of directors and was removed from his approximately month-long tenure as the biotech’s CEO following his arrest last Thursday. Shkreli resigned as CEO of Turing Pharmaceuticals after pleading not guilty to the charges.

Prosecutors said in Brooklyn federal court that Shkreli repeatedly lost money for investors and then lied to them about it from 2009 to 2014.

Shkreli tweeted after being released on a $5m bail bond last week that the allegations are “baseless and without merit”, adding that the charges relating to MSMB “involve complex accounting matters that the EDNY and SEC fail to understand”.

Turing, under Shkreli, was widely criticized for buying rights to a relatively cheap, decades-old treatment for a life-threatening infection, then hiking its price by more than 5,000 percent. The University of California-Davis also suspended a planned drug trial with the company after the arrest, Bloomberg reported. The maximum sentence for the top count is 20 years in prison. On the day of his arrest, the stock dropped 50% before being halted. Turing, on Friday, replaced Shkreli with Ron Tilles, who has been chairman of the company since its launch.

Hackers on Sunday changed the name of his Twitter account to “Martin The God”.

Shkreli told The Wall Street Journal that his ongoing feud with Democratic presidential candidate Bernie Sanders hasn’t helped him. After stating he would lower the price of Daraprim, the drug that helps keep HIV victims alive, Shkreli decided he wouldn’t after all as soon as the media attention died down. The company wouldn’t answer questions Monday about who will take control and when its shares will resume trading. Chase joined the KaloBios board when the investor group led by Shkreli took over KaloBios in mid-November.

Martin Shkreli has been booted from yet another drug company.

Retrophin, which fired him more than a year ago when it was first alleged that he misappropriated funds. Shkreli said. “It seemed to me like it would be fun to experiment with”.