Martin Shkreli takes over as CEO of KaloBios as stake in the company grows to 70%

20 November 2015

Following swiftly on yesterday’s news, KaloBios Pharmaceuticals (Nasdaq: KBIO) announced that an investor group led by Martin Shkreli, the founder and chief executive of privately-held Turing Pharmaceuticals AG, has acquired 70% of its outstanding shares, up from 55% previously.

KaloBios also announced the appointment of Mr Shkreli to the position of chief executive and his election as chairman of the board. In his new role, Mr. Shkreli will work with the company's senior management team to ensure the company's continued operations. KaloBios further announced that David Moradi, Tony Chase and Marek Biestek have been elected to the board of directors. In connection with 0 developments, the former directors have resigned, effective immediately.

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