Martin Shkreli is removed as CEO from another company, KaloBios

Pharmaceutical entrepreneur Martin Shkreli has been fired by a drugs firm whose shares skyrocketed last month after the ex-hedge fund manager disclosed a huge stake.

“In summary, Mr Shkreli expects to be fully vindicated”.

Meanwhile, it emerged yesterday that a planned trial of KaloBios’ leukaemia drug KB003 has been suspended by the University of California at Davis and Moffitt Cancer Center in Florida “pending the outcome of the investigation of KaloBios’ CEO”, according to a Bloomberg report.

Shkreli became the chief executive of KaloBios in November after obtaining 70 percent of its outstanding shares.

Shkreli was arrested last week on securities fraud charges.

It alleges that Shkreli used fake consultancy arrangements to pay off investors in MSMB, who lost money after a bad trade with Merril Lynch in 2011 which lost the company $7 million.

#Breaking no seizure warrant at the arrest of Martin Shkreli today, which means we didn’t seize the Wu-Tang Clan album.

While being unapologetic about the price of Daraprim, Shkreli added in the interview that Turing, from which he resigned as chief executive after the arrest, might change its approach. It is the only approved drug for treating a life-threatening parasitic infection given to people with weakened immune systems.

The price-gouging scandal sparked widespread criticism and condemnation before Shkreli was arrested. In addition, Mr. Shkreli said he had been targeted by regulars for his much-criticized drug-price hikes and over-the-top public persona. “Willing to donate hundreds of thousands to charities before I go to prison…” and numerous unprintable ones accumulated on the page before he regained control and deleted them. He called the allegations against him “baseless and without merit”. Since his release, he has live-streamed himself playing online chess and guitar on YouTube. He also resigned from the company’s board of directors. After his investors losing millions of dollars, Mr. Shkreli paid them back with stock from the pharmaceutical company Retrophin Inc. Trading will not resume until the company satisfied Nasdaq’s request for additional information, the exchange said in a statement.