Nasdaq To Delist Company Run By Drug Price-Gouger Shkreli
SOUTH SAN FRANCISCO (CBS-AP) -- One of the biotech companies run by Martin Shkreli, the drug price-gouger charged with securities fraud last week, has been told that its stock will be delisted by Nasdaq because of Shkreli's arrest and other factors.
KaloBios Pharmaceuticals was out of money and planning to shut down when Shkreli, the CEO of Turing Pharmaceuticals, gained controlling interest in KaloBios in November and took over running the South San Francisco, California, drug developer.
KaloBios says Nasdaq wrote that it will be removed from trading on Dec. 30 if KaloBios doesn't appeal. Nasdaq informed the company it would be delisted due to reasons including the indictment and arrest of both Shkreli and an outside attorney for KaloBios.
Shkreli became notorious after hiking the price of a life-saving drug by 5,000 percent.