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Desperate Pharmaceutical Company Hits Rock Bottom, Names Martin Shkreli CEO

Everyone's favorite price-gouging emo-rapping hedge fund-dropout is now CEO of a publicly-traded company.

Your boy Martin Shkreli is still out there making moves!

Everybody's least favorite hedge fund manager turned pharma CEO is apparently putting his burgeoning rap career on hold in order to focus on an exciting new venture.

Here is a statement released yesterday by biotech firm KaloBios:

KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO), today announced that an investor group led by Martin Shkreli, the Founder and Chief Executive Officer of Turing Pharmaceuticals AG, has acquired 70% of its outstanding shares. KaloBios also announced the appointment of Martin Shkreli to the position of Chief Executive Officer and his election as Chairman of the Board. In his new role, Mr. Shkreli will work with the company's senior management team to ensure the Company's continued operations. KaloBios further announced that David Moradi, Tony Chaseand Marek Biestek have been elected to the Board of Directors. In connection with these developments, the former directors have resigned, effective immediately.

What publicly-traded company - you might be asking yourself - would get into bed with the very same price-gouging bro who is so universally despised that he managed to unify Hillary Clinton and Donald Trump in basically calling him an asshole?

Well, here's a little something that was written about KaloBios on Monday:

Turn out the lights, the party is finally over at KaloBios. The failure-prone biotech--which launched with a repeated reassurance to investors that developing antibodies had become a lot easier--says that after a brief look at alternative scenarios the best next step now is to wind down operations.
The South San Francisco-based company, which recently laid off 60% of 28 staffers, will hand over the assets for the Brenner Group for liquidation, with the remaining employees headed for the exits. That means that KaloBios' last clinical program, a Phase II study of KB004 for hematologic malignancies, is being discontinued. An early-stage study of KB003 for chronic myelomonocytic leukemia is also being scrapped.
KaloBios shares, already in penny stock territory, were down 55% in premarket trading this morning. Shares are trading at 50 cents.

It's starting to make more sense huh?

Also it appears that Shkreli and partners are going to pour about $10 million into KaloBios and try to get development of the company's leukemia drug Lenzilumab back on track.

And Martin has confirmed this through his favorite medium; The Twitter.

Martin is going to put on his white hat (likely backwards) and use his own money to hire back all those poor, laid-off people. He's a hero!

And according to our sister site MedCityNews, People seem to be literally buying the new act.

The man is not going to go away. Martin Shkreli bought half the shares of KaloBios and is now running that company, too. And, people hate this guy so much that the stock went up 400 percent. I guess investors see him as some cross between a Big Pharma Pol Pot andKing Midas.

Looks like we'll all have to get accustomed to seeing Martin Shkreli as the good guy until he screws over leukemia patients by jacking up the price of Lenzilumab, or tweets something similar to this:

KaloBios Pharmaceuticals, Inc. Appoints Martin Shkreli CEO and Announces New Financing [KaloBios]

RIP: Failure-prone KaloBios pulls the plug, calls in the liquidators [FierceBiotech]

Morning Read: Martin Shkreli takes over KaloBios, is a more powerful brand than the Kardashians [MedCityNews]


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