Turing CEO posts $5M bond, resigns

Dec 20, 2015, 00:12

As a popular reporter of Wall Street's gains and losses, Cramer's position is reflective of the relationship between the financial markets and the future of Shkreli's companies.

Acting chief Tilles, who is also Turing's chairman, vowed to make Daraprim affordable.

Public documents reviewed by CNBC also reveal that some shareholders of Massachusetts-based SeraCare "were not convinced the offer" from Shkreli's fund "was serious".

"I had two guys parked outside of his house for six months" watching him, Shkreli told the rap news site HipHopDX in a tough-talking, expletive-filled interview published Wednesday, the day before his arrest.

After Martin Shkreli posted bail, he released a 3-hr video on his YouTube channel where he's seen playing guitar, chess online or browsing the internet.

Shkreli seemed calm and cheerful as he ignored or banned negative commenters and chatted with supporters.

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Martin Skhreli, the infamous ex-pharmaceutical CEO of Turing Pharmaceuticals, tweeted today that he is "confident" he "will prevail" in court and that the allegations of securities fraud against him are "baseless and without merit".

"Turing Pharmaceuticals is poised for great success in the coming years".

During this adjustment after Shkreli's arrest, that same company was forced to hold a meeting to announce the cutting of earnings and sales forecasts, as reported by The New York Times.

Federal officials described Shkreli's crimes as a quasi-Ponzi scheme in which he used money from Retrophin to pay off money-losing investors in his hedge funds.

Now with heightened focus on Shkreli because of criminal securities fraud charges and questions about his finances, one of those charities said it is returning the money.

They co-founded another pharmaceutical company, Retrophin Inc (RTRX.O), that is at the centre of the securities fraud charges against Shkreli.

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Turing raised the price on Daraprim, a 62-year-old drug whose patent expired decades ago, from $13.50 to $750 per pill.

Disdaining a business model dependent on expensive research and development, companies like Shkreli's Turing Pharmaceuticals, Valeant Pharmaceuticals International, Rodelis Therapeutics and others have taken advantage of inefficiencies in the USA health-care system.

The company said in a statement that these compounds, which combine the active ingredient of Daraprim, pyrimethamine, with a vitamin leucovorin, has not undergone the same FDA review process as Daraprim.

Shkreli, who attracted criticism for growing outrage over soaring prescription drug prices, was arrested before dawn at the up-market Murray Hill Tower Apartments in midtown Manhattan on Thursday.

Per the AP, the company's board has named an interim CEO.

Nasdaq has placed KaloBios' stock on a trading halt until the company provides more information.

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