Although shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) are still halted by the NASDAQ following the arrest of former CEO Martin Shkreli, investors may be in for even worse news. Apparently the NASDAQ has recently informed the company that they will be suspending common shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) from trading on their exchange. This is unless the company decides to appeal the ruling.
Shkreli, who was arrested on fraid charges erlier in the month seems to be in a lot of hot water as government officals claim he had basically been running a ponzi-like scheme, using new investments to pay back disgruntled old investors.
The company has yet to say if they will be appealing the NASDAQ delisting or not, but they did say that after the resignation of Tony Chase, a director, they are no longer in compliance with audit committee requirements. The stock closed at $23.59 during the last trading session. It is up 4350.94% since May 22, 2015 and is uptrending. It has outperformed the S&P500 by 4354.00%.
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.