Company Can’t Live Without Martin Shkreli - Dealbreaker

Company Can’t Live Without Martin Shkreli

Kalobios has had a rough week.

You know what I'm saying.

Or—it might be better and more accurately said—KaloBios, where the Andy Warhol of our generation (and alleged con man) served as CEO until everyone’s favorite early Christmas present, can’t live because of Martin Shkreli. Either way, it’s bankrupt.

The chapter 11 filing, which came near midnight, was an emergency move by a company that feared the turmoil attendant on Mr. Shkreli created an “imminent threat” to its liquidity. The company is asking for a court order to make sure it can hand out Dec. 31 payroll checks to its eight remaining employees.

KaloBios, a small biotech company taken over recently by Mr. Shkreli, last week said it received a delisting letter from the Nasdaq Stock Market, days after Mr. Shkreli wascharged with securities fraud.

Biotech Linked to Martin Shkreli Files for Bankruptcy Protection [WSJ]