CEO Of KaloBios Pharmaceuticals (KBIO), Martin Shkreli Resigns From Turing Pharmaceuticals

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While KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) shareholders continue to wait on the NASDAQ to lift the current halt on shares, news has just broke that certainly can’t be good for this stock. Moments ago KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) CEO Martin Shkreli announced his resignation as CEO of another one of his companies Turing Pharmaceuticals. Turing subsequently appointed Ron Tilles as interim CEO of their company.

Although this doesn’t necessarily mean that Shkreli will next leave his post at KaloBios Pharmaceuticals Inc (NASDAQ:KBIO), which he just recently took after buying the majority of the outstanding shares of the company, such a move seems to be likely. Shkreli was charged with fraud yesterday and released on $5 million bond yesterday afternoon. Shares of KaloBios have been on a tear over the last month, jumping from around $2 to as high as $45 on news of the Shkreli takeover. The stock is 0.00% or $0 following the news, hitting $23.59 per share. It is up 4618.00% since May 15, 2015 and is uptrending. It has outperformed the S&P500 by 4620.26%.

KaloBios Pharmaceuticals, Inc. is a biopharmaceutical company. The company has a market cap of $97.28 million. The Firm is focused on the development of monoclonal antibody therapeutics for diseases that represent a burden to society and to patients and their families. It currently has negative earnings. The Firm operates through the development of pharmaceutical products segment.

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