KaloBios Pharmaceuticals Inc — the biotechnology company formerly led by Martin Shkreli — filed for bankruptcy after it lost two more directors and the NASDAQ stock exchange decided to delist its shares.
KaloBios filed for Chapter 11 reorganization on Tuesday, according to a statement on the Web site of the US Bankruptcy Court in Wilmington, Delaware.
The company last week said that NASDAQ was planning to remove the stock on Wednesday, citing Shkreli’s Dec. 17 arrest on securities fraud charges related to another company, as well as KaloBios failure to file a quarterly financial report.
Photo: Reuters
Shkreli was fired by KaloBios after the arrest and has denied wrongdoing.
Trading in the shares was halted soon after the arrest.
In a statement on Tuesday, KaloBios said that it had appealed the delisting and would have a hearing on Feb. 25.
NASDAQ spokesman Will Briganti declined to comment beyond confirming the date of the appeal.
KaloBios has two directors left after Shkreli, Tony Chase, Tom Fernandez and Marek Biestek resigned from the board.
The stock plummeted 53 percent in early trading on Dec. 17 in the minutes after news of Shkreli’s arrest broke and before it was halted by the exchange.
Shkreli, 32, is accused of repeatedly losing money for investors and lying to them about it, as well as illegally taking assets from one of his companies, Retrophin Inc, to pay off some of those investors.
Shkreli took over KaloBios last month, when shares of the company were trading at less than US$1. After the announcement that he had taken a controlling stake and named himself chief executive officer, they surged to a closing high of US$39.50 on Nov 23.
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