Pharma bro Martin Shkreli's drug company files for bankruptcy

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Pharma bro Martin Shkreli's drug company files for bankruptcy

Under Shkreli, Turing acquired the rights to a treatment for a rare parasitic infection that mainly strikes pregnant women and raised the price from $13.50 to $750 per pill.

Martin Shkreli, the boastful pharmaceutical executive who came under fire for sharply increasing a drug price, is no longer a CEO. KaloBios, the San Francisco based drug company has recently filed for bankruptcy.

KaloBios ($KBIO) was days away from shutting its doors for good when controversial entrepreneur Martin Shkreli swooped in to keep the company afloat last month.

The other, Turing Pharmaceuticals Inc., is cutting jobs and seeking a new CEO after Shkreli resigned the position because of his arrest. Donald Trump called him a "spoiled brat", and the BBC named him the "most hated man in America". He did the same price hiking thing to Daraprim, a medication that's used by the patients suffering from HIV and cancer.

The drugmaker had planned to go out of business before Shkreli took it over.

On December 30, KaloBios received a letter from the NASDAQ Stock Market LLC regarding the delisting proceedings previously disclosed by the company in a filing with the Securities and Exchange Commission on December 23, 2015. They stemmed from his time running his first biopharmaceutical company, Retrophin. KaleBios had fired Shkreli after the charges were filed.

Shkreli tried to revive the company in November and was briefly successful in doing so.

An investigation by the Senate Special Committee on Aging is focused on Turing and three other pharmaceutical companies.

And on January 1, a class action lawsuit was filed against KaloBios, according to an announcement by Goldberg Law PC.

Shkreli quickly drew attention after a plan surfaced to sharply increase the price of a decades-old drug that treats Chagas' disease, a parasitic infection that can cause potentially lethal heart problems.

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