Martin Shkreli attributes arrest to drug-price hikes

The University of California at Davis and Moffitt Cancer Center in Florida have suspended a planned drug trial sponsored by KaloBios Pharmaceuticals Inc. following the arrest of Chief Executive Officer Martin Shkreli on securities fraud charges.

In wake of the recent allegations made against loathed pharma tycoon Martin Shkreli involving securities fraud and conspiracy, a homelessness charity has chose to return the thousands of dollars Shkreli has donated to them. Shkreli resigned from Turing Pharmaceuticals following his arrest.

Federal law enforcement officials said Shkreli ran his companies “like a Ponzi scheme” and that the charges he faces represent a “trifecta of lies, deceit, and greed”. “The attempt to public shame is interesting”. The drugmaker sued him for $65 million, saying he had breached his duty to the company. Alongside 42 year old Evan Greebel, who was Retrophin’s outside counsel, Shkreli is also on charges of deceitfully inducing investors to invest in two separate funds while at the same time embezzling the assets of publicly merchandized Retrophile. One tweet asked, receiving some of the highest number of retweets out of the seven released within the span of one hour of each other.

“Turing’s interim CEO Ron Tilles should immediately roll back the company’s unconscionable 5,000 percent price hike on Daraprim, a crucial treatment for many pregnant women and people living with HIV, and restore the drug to its original cost”. Shkreli is accused of taking stock from his former company to pay off “unrelated business dealings”.

Trading in KaloBios shares was halted early Thursday, after Shkreli’s arrest, and hasn’t resumed.