KaloBios Pharmaceuticals, Inc. (NASDAQ: KBIO)
KBIO Indefinitely Halted
KaloBios Pharmaceuticals, Inc. (KBIO), a biopharmaceutical company, was halted on Thursday morning during pre market trading on news of CEO Martin Shkreli was arrested for fraud charges. It has been a volatile month for KBIO, dating back to when news first hit of Martin Shkreli taking over as CEO back in the middle of November. KBIO stock was trading at $0.90 on November 13th and skyrocketed to its 52 week high price of $45.82 on November 23, a 4,900% increase in price. KBIO stock was halted in pre market trading on Thursday, down 53% from the previous day’s close. As of the writing of this article on Friday afternoon KBIO stock is still halted and has no signs of opening on Friday. Nasdaq is currently looking into the situation and the company’s stock will remain halted until Nasdaq’s request for additional information is satisfied. Martin Shkreli is infamous for buying the rights to a 50 year old infectious disease drug used for AIDS patients (Daraprim) and then raising the price from $13.50 per pill to $750 per pill. It looks like now Mr. Shkreli has graduated from price gouging to fraud charges, as current accusations are that he misled investors in his hedge fund and used money from a public company to cover the losses, on what looks like a possible Ponzi scheme. Shkreli has been released and is on bail, and on Friday he stepped down as CEO of Turing Pharmaceuticals. According to The Street “Efforts to remove Shkreli as CEO of KaloBios and find a replacement are underway, according to people familiar with the matter.” The future for KaloBios is very much up in the air and has many investors scrambling trying to unload the stock. Only time will tell if the company can survive and rebound from the mess Shkreli has caused.
KaloBios Pharmaceuticals, Inc. Company Profile
KaloBios Pharmaceuticals, Inc., incorporated on September 19, 2001, is a biopharmaceutical company. The Company is focused on the development of monoclonal antibody therapeutics for diseases that represent a burden to society and to patients and their families. The Company has a portfolio of patient targeted antibodies using its Humaneered antibody technology to treat serious medical conditions. The Company operates through the development of pharmaceutical products segment.
The Company’s principal pharmaceutical product candidates that are advanced to the clinical development stage include: KB004, KB003 and KB001‑A. The Company seeks to identify and develop products that may treat multiple indications through proof of concept studies.
The Company’s KB004 is a Humaneered anti ‑EphA3 monoclonal antibody that has the potential to offer an approach to treating both hematologic malignancies and solid tumors. KB004 is being developed as a therapeutic for myelodysplastic syndrome and myelofibrosis.
The Company’s KB004 is a Humaneered anti granulocyte macrophage colony stimulating factor monoclonal antibody. KB004 Reuters