Company Run By Pharma Douche Declares Bankruptcy

Via New York Magazine:

KaloBios, the biotech company briefly helmed by recently arrested “most hated man in America” Martin Shkreli, filed for bankruptcy on Tuesday. The company was already near collapse before Shkreli and a team of investors bought up a bunch of shares and he became CEO. He resigned from the San Francisco–based company shortly after getting arrested on federal securities fraud charges, and things only got worse for KaloBios after that.

Its shares tanked so much — and its reputation got so singed — that Nasdaq decided to delist it (the fact that the company hasn’t filed its latest quarterly report didn’t help), a decision that the biotech company is appealing. After Shkreli’s arrest, two other members of the company’s board — both had ties to Shkreli — also resigned, leaving KaloBios with only two remaining board members.

Shkreli is free on a $5M bond and is not allowed to leave the state.