Martin Shkreli blames drug price increases for arrest

UK-USA-CRIME-SHKRELI:KaloBios terminates Shkreli as CEO

Drugmaker KaloBios Pharmaceuticals Inc said it removed Martin Shkreli as chief executive on December 17, the day he was arrested on charges of a securities fraud.

Last Thursday, Shkreli was arrested on charges of securities fraud, to which he pleaded not guilty.

"The allegations against me are baseless and without merit", Shkreli tweeted after also writing that he expects to be "fully vindicated".

At the moment, Shkreli remains at the helm of KaloBios, a company which he joined as CEO last month, although The Street has suggested that efforts are already underway to achieve a separation.

At the same time, KaloBios also announced Shkreli's appointment as Chief Executive Officer a position that now appears to have been very short-lived.

Disgraced ex-pharmaceutical CEO Martin Shkreli claims he has been targeted by legal authorities because of his much-hated drug price hikes and his over-the-top public persona.

KaloBios, a publicly traded company was in big financial troubles prior to Mr. Shkreli's involvement.

Daraprim, sold exclusively through Walgreens under a deal with the Chicago-area pharmacy retailer, is a treatment for toxoplasmosis, a rare parasitic disease that can cause severe brain damage and death in people with compromised immune systems, including those with AIDS.

He became the subject of widespread scorn in September for defiantly raising the price of Daraprim from $13.50 to $750 a pill, an increase he defended as "a good business decision". The SEC complaint accuses Shkreli of a string of abuses, including exaggerating to hedge-fund investors his investment performance and assets under management.

To make matters more LOL-worthy, the sad boys' Twitter account was hacked over the weekend. After his investors losing millions of dollars, Mr. Shkreli paid them back with stock from the pharmaceutical company Retrophin Inc. Shkreli founded the company early in 2011 and was sued by Retrophin and fired last fall after his alleged misappropriations were revealed.

Among the hacked tweets posted on Shkreli's account, were offers to donate hundreds of thousands of dollars to charity, and to give away the Wu-Tang album to the next follower who retweeted him.

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