Register your Account

Sign Up with us and Enjoy!
User name Email First Name Last Name Contact info

A password will be e-mailed to you.

Martin Shkreli Becomes New CEO of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO), Acquires 70% of Its Shares

Martin Shkreli Becomes New CEO of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO), Acquires 70% of Its Shares

KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) has made some changes in its senior management to achieve desired targets and continue excellent work in the future. As per the reports, the largest change is the appointment of the new CEO. The investor group headed by Martin Shkreli has acquired 70% of outstanding shares of KaloBios.

At the end of November 23, KaloBios was trading at $39.50, 116.44% higher than previous day’s close. Although it witnessed 2.53% negative growth during after-hours trading, overall market position remained strong.

Insights of The Matter

Before becoming the CEO of KaloBios, Shkreli founded Turing Pharmaceuticals AG and worked as its CEO. Shkreli’s investor group holds a major stake in KaloBios, which has prompted the management of the company to appoint him as the Chairman of Board of Directors as well. As part of this new role, he will look after all the operational activities and ensure that everything falls in line.

Apart from this major decision, KaloBios has made a few other changes, including the appointment of David Moradi, Marek Biestek and Tony Chase in its board of directors. All the former directors of the company have resigned after this announcement.

Road Ahead

The appointment of Mr. Shkreli and others has been a strategic decision, which is likely to help KaloBios running its operations in a smooth way. Reports claim that all the new appointees have declared to provide a collective equity investment of at least $3 million to KaloBios to enhance its financial solidity. Moreover, Mr. Shkreli and his investor group have agreed to provide equity funding worth $10 million once the shareholders approve this agreement.

In a recent press conference, Shkreli said that lenzilumab produced by KaloBios is one of the leading medical treatments available in today’s time. It can cure a number of rare diseases that look deathly and incurable at present.

At present, KaloBios has around $5 million in cash and feels confident about filing quarterly results in the near future. Going forward, Mr. Shkreli will act as the CEO of KaloBios as well as Turing Pharmaceuticals AG.

KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) witnessed a massive surge during Monday’s trading session. The stock surged by close to 117% on the back of heavy volumes, which is considered to be a bullish signal. It is important to state that the stock has been trending higher after being able to move above the resistance zone at $5.00. The momentum oscillators continue to trend higher and show no signs of a reversal, which is a bullish signal. The relative strength index continues to trend in the overbought zone and continues to point towards inherent strength. Traders believe the stock could head to levels of $40.25






Related Press realease: