Martin Shkreli Fired From CEO Job at KaloBios Pharmaceuticals

The drug being tested, known as KB003, was developed to treat a form of leukemia. However, Mr. Shkreli led an investor group within a few days which took up seventy percent shares in KaloBios in the open market.

In a statement, Tilles thanked Shkreli for his time at Turing and wished him “the best in his future endeavours”.

Mr. Shkreli was arrested last Thursday because of securities fraud.

KaloBios also said Shkreli resigned from his position on the company’s board of directors.

His arrest on securities fraud charges stem from Shkreli’s hedge fund, MSMB Capital Management, and Retrophin, another pharmaceutical company.

The 32-year-old former hedge fund manager pleaded not guilty Thursday in Brooklyn federal court and was released on Dollars 5 million bail. He faces 20 years in prison if convicted. 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.

Daraprim, sold exclusively through Walgreens under a deal with the Chicago-area pharmacy retailer, is a treatment for toxoplasmosis, a rare parasitic disease that can cause severe brain damage and death in people with compromised immune systems, including those with AIDS.

The price-gouging scandal sparked widespread criticism and condemnation before Shkreli was arrested.

Martin Shkreli, who was arrested last week on securities fraud charges, has been ousted from his second pharmaceutical company.

Shkreli added a tweet to the top of his Twitter feed Saturday saying that he was confident he would prevail.

And amid the public outrage against him, a NY homeless charity to which he donated $15,000 has said it will give him the money back.

“Most people don’t know the real Martin Shkreli”, he said.

His You Tube account, where he’s frequently live-streamed himself working on his home computer, talking to himself and eating, also was hit with posts belittling him and hasn’t been active since Sunday.

Martin Shkreli, the embattled health care businessman, has been let go by KaloBios Pharmaceuticals – one of the companies he had headed. Shkreli founded the company early in 2011 and was sued by Retrophin and fired last fall after his alleged misappropriations were revealed.

Trading in KaloBios shares was halted on Monday for the third straight session.

His tenure at KaloBios was particularly brief, as he had taken over as chief executive only on November 19.