Martin Shkreli Fired From CEO Job at KaloBios Pharmaceuticals
Before his arrest on securities fraud, Shkreli led two pharmaceutical companies.
— -- CEO is a title Martin Shkreli can no longer list on his business cards.
The pharmaceutical executive who made headlines for dramatically increasing the price of a drug used by people suffering from cancer or HIV has been fired his job as chief executive of KaloBios Pharmaceuticals and has resigned from the company's board of directors following his arrest last week on securities fraud, the drug maker said today in a statement.
Shkreli resigned on Friday as chief executive of the other company he ran, Turing Pharmaceuticals, after his arrest on securities fraud charges relating to alleged activities at one of the companies Shkreli previously ran.
Shkreli, who is active on social media and has live streamed his life for hours on end, tweeted Saturday that he is "confident" he "will prevail" in court and that the allegations of securities fraud against him are "baseless and without merit."
Shkreli made national news well before his arrest for raising the price of a medication called Daraprim from $13.50 to $750. Attorneys for Shkreli released a statement Thursday saying he is "confident that he will be cleared of all charges."
"Mr. Shkreli expects to be fully vindicated," his attorneys said in the statement.
Shkreli entered a not guilty plea last week and is out on a $5 million bond.