Martin Shkreli Is Out as CEO of Another Biotech Company He Founded

20 Jan 2016 | Author: | No comments yet »

CompaniesShkreli terminated as KaloBios chief executive.

Disgraced ex-pharmaceutical CEO Martin Shkreli claims he has been targeted by legal authorities because of his much-hated drug price hikes and his over-the-top public persona.Federal investigators are picking on Martin Shkreli because he dared to boost Daraprim sales 50-fold and moonlighted as an online troll, the “Pharma bro” claims. The entrepreneur is facing charges of securities fraud for engaging in what prosecutors said was a Ponzi-like scheme at his former hedge fund MSMB Capital Management and Retrophin Inc. Earlier this year, after his firm Turing Pharmaceuticals bought the rights to distribute Daraprim – which can be essential in the treatment of HIV-positive people – Shkreli raised the price overnight to $750 a tablet from $13.50.

The increase propelled Shkreli to the media spotlight, with Presidential candidate Hillary Clinton pillorying him for gouging and he was pulled into congressional drug-pricing investigations. ”’Trying to find anything we could to stop him” was the attitude of the government,’ Shkreli told the Wall Street Journal in an interview, saying he was arrested because of a social experiment and teasing people over the Internet and called the arrest unjust. It was something a watershed moment that sparked criticism not just of Turing, but of other companies in the pharmaceutical industry that have built business models of acquiring drugs and then sharply increasing their prices.

According to the Journal, a Federal Bureau of Investigation official earlier said Shkreli pursued ‘a securities fraud trifecta of lies, deceit and greed.’ While being unapologetic about the price of Daraprim, Shkreli added in the interview that Turing, from which he resigned as chief executive after the arrest, might change its approach. In a separate incident, on Sunday, Martin Shkreli had lost control of his Twitter account to hackers, hours after he took to Twitter to plead his innocence, his spokesman said. In a series of seven tweets, Shkreli’s account offered to give away money, raffle off Wu-Tang Clan’s one-of-a-kind secret album and told his followers he had ‘anal aids’.

Shkreli recently emerged as the €2million buyer of the sole copy of what has been called the world’s rarest album: the Wu-Tang Clan’s Once Upon A Time In Shaolin, which the group auctioned to only one person on the condition that it not be put to commercial use. ‘I’m staring at a Picasso in my living room right now that’s no different from the Wu-Tang box, except it’s about 20 times more expensive,’ he told HipHopDX. He bragged about buying the $2 million rights to a Wu-Tang album and shamelessly made fun of people on his Twitter page, which was apparently hacked on Sunday along with his cell phone account, he told the Journal. Despite the bad rep, Shkreli insists that few people, not even the hundreds that watch him play chess and comb through dating websites via live stream, really know him.

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