Shkreli Out At Turing, KBIO Looking To Move On

Shkreli, who compounded his villainy by buying the sole copy of a Wu-Tang Clan album and then casually stating that he never even listened to it, was released from Brooklyn federal court after posting $5 million bond. The charges are related to his actions before he founded Turing this year. Instead, they center on his time as CEO of Retrophin, another biotech company that ousted him a year ago. Federal prosecutors claim that Shkreli plundered Retrophin for cash to pay off investors that lost money in his defunct hedge fund, MSMB Capital Management.

Turing announced the change Friday, naming Ron Tilles, its current board chairman, as the interim chief executive officer.

Some of the same investors who backed Shkreli in Retrophin also invested in Turing.

“Those price increases combined with Mr. Shkreli’s jeering response to his critics has made him a lightning rod for public outrage and fodder for the presidential campaign”, The New York Times reported. Also charged in the alleged scheme is Evan Greebel, who served as an attorney for one of Shkreli’s past companies.

He later said the company would lower the price.

“I would have raised prices higher”, he told an audience at a health care summit in NY. KaloBios, which planned to shut down operations, named Shkreli its CEO on November 20, after he and a consortium of investors bought about 70 per cent of the company’s outstanding shares.

Mr Shkreli recently became chief executive of another company, San Francisco-based KaloBios Pharmaceuticals.

On Thursday night, he said via a statement that he was confident he would be cleared of all charges and denied the charges regarding his hedge fund entities.

In the Turing statement, Tiles said the company was “committed to ensuring that all patients have ready and affordable access” to Daraprim and other drugs. After his arrest, its stock fell by more than half Thursday before trading in the company was suspended.