San Francisco-based drug company KaloBios Pharmaceuticals, recently in the news for having fired Wu Tang fan Martin Shkreli as CEO, has just filed for bankruptcy, Fast Company reports.
Martin Shkreli’s former employer KaloBios files for bankruptcy
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The news isn’t too surprising. Shkreli had just taken over as CEO this past November in a last-ditch effort to save the floundering company, but was fired this month after his arrest for allegedly misappropriating funds at previous jobs. Shkreli’s money-raising tactics at KaloBios were the same ones he used as CEO of Turing Pharmaceuticals: obtain the license for a standard treatment and jack up the price. Most notably, he did this with Daraprim, an anti-parasitic drug whose cost surged from $13.50 to $750 per pill under Shkreli’s reign.
At this point, Shkreli’s employment history is looking a little shoddy. In 2014, he was fired from Retrophin, a biotech firm he founded, for “stock trading irregularities,” Fast Company reports.
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