KaloBios says it is appealing Nasdaq delisting

The company on Monday said two of its directors, Tom Fernandez and Marek Biestekhad, had resigned in the wake of Shkreli’s arrest for alleged securities fraud.

Shkreli, 32, infamous for shepherding Turing Pharmaceuticals to a 5,000 percent price increase of an essential drug, was sacked on December 21 from his position as CEO of KaloBios.

On Dec. 18, Kalobios said it received a letter from Nasdaq saying the company was going to be delisted from the stock exchange.

KaloBios Pharmaceuticals, which Martin Shkreli rescued from liquidation last month, filed for bankruptcy after his arrest knocked the biotechnology company’s brief revival off course.

Turing Pharmaceuticals gained notoriety in September for raising the price of an anti-parasite tablet more than 50-fold.

Then on December 17, 2015, news outlets reported that Martin Shkreli, the CEO of KaloBios, was arrested on fraud charges relating to his illegal use of stock from Retrophin, Inc.to pay off debts associated with other unrelated business ventures.

It listed assets in the range of $1 million to $10 million in its filing. Under Shkreli, Turing raised the price of the drug Daraprim by 50-fold, but that is a private company.

Shkreli was let go from KaloBios after he was arrested for taking in part in what prosecutors referred to as a Ponzi-like scheme.

The pharmaceutical firm that booted controversial CEO Martin Shkreli has filed for federal bankruptcy court protection. The drug is used to treat toxoplasmosis, a parasitic disease that afflicts people with weakened immune systems, including AIDS patients and pregnant women. Most recently, he was in the news for purchasing the only copy in existence of the new Wu-Tang Clan album, “Once Upon a Time in Shaolin”, for reportedly $2 million dollars.

On Saturday, Shkreli tweeted: “I am confident I will prevail”.

KaloBios did not immediately respond to requests for comment. KaloBios’s largest unsecured creditors include the University of Miami and Ernst and Young.