Kalobios Pharmaceuticals Inc (NASDAQ:KBIO) has been struggling for months to erase any connection with its former CEO, Martin Shkreli, who got arrested in December on securities fraud charges. Even though those charges weren’t related to Kalobios Pharmaceuticals, the company decided to fire him from the CEO position,yet the company remained under the spotlight because of the controversy his arrest has caused. Martin Shkreli caused so much attention not only because of the securities fraud allegations, but also because his company, Turing Pharmaceuticals, raised the price of a drug called Daraprim to $750 a tablet from $13.59, becoming known for reckless price-gouging in the process. Mr. Shkreli has also become a polarizing public figure, with social media comments that sometimes push the bounds of good taste.
Naturally, after this, any other potential investor had reserves about doing business with Kalobios Pharmaceuticals, as long as Martin Shkreli had any power, which is why Karlobios Pharmaceuticals was eager for months to cut off all connections with its former CEO. First, it reached an agreement under which Mr. Shkreli agreed to have limited rights as a shareholder, and both sides also granted that they would drop any legal charges they might have against each other.
Finally, a recently-amended 13D filing with the SEC revealed that Martin Shkreli has sold all of his 1.9 million common shares of Kalobios Pharmaceuticals (NASDAQ:KBIO) at $3.10 apiece, in a private transaction. In this way, Mr. Shkreli no longer owns any shares of Kalobios Pharmaceuticals (NASDAQ:KBIO).
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Kalobios Pharmaceuticals, as the name denotes it, is a biopharmaceutical company engaged in the development of monoclonal antibody therapeutics for the treatment of rare and neglected disorders. Over the past 12 months, the company’s stock is up by 74.13%.
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You can access the original SEC filing by clicking here.
Page 1 of 4 – SEC Filing
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| UNITED STATES |
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| SECURITIES AND EXCHANGE COMMISSION |
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| Washington, D.C. 20549 |
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| SCHEDULE 13D |
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Under the Securities Exchange Act of 1934
(Amendment No. 1)*
KALOBIOS PHARMACEUTICALS, INC.
(Name of Issuer)
Common Stock, par value $0.001
(Title of Class of Securities)
48344T 10 0
(CUSIP Number)
Martin Shkreli
245 East 40th Street Apt. 18H
New York, NY 10016
(646) 217-2783
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 25, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
(Continued on following pages)
