Twitter.com/MarinShkreli
Martin Shkreli is now the CEO of a publicly-traded pharmaceutical company.
In a release on Thursday, KaloBios named Shkreli CEO and chairman of the board while also adding three new board members.
KaloBios saw its stock price rise more than 400% on Thursday after Shkreli and his associates reported that they'd purchased 70% of the company's outstanding shares earlier this week.
Last Friday, KaloBios said it would wind down its operations. In pre-market trade on Friday shares of the company were up another 28%.
Shkreli first came into the public eye earlier this fall when presidential candidate Hillary Clinton called out pricing practices of his company Turing Pharmaceuticals, which raised the price of one drug by 5,000%.
KaloBios announced Thursday that it has received a commitment from Shkreli and other investors for an equity investment of at least $3 million, with this group also committing to a $10 million equity financing facility. So Shkreli and his associates gave KaloBios a lifeline and now he's getting a chance to run the place.
Shkreli said in a statement that KaloBios plans to go forward with the development of its leukemia treatment.
NOW WATCH: The killer jobs report could mean a rate hike in December
See Also:
- Democrats just delivered a stunning blow to Obama's Syrian refugee plan
- Jennifer Lawrence got drunk to film her sex scene with Chris Pratt
- Martin Shkreli bought more than 50% of a pharmaceutical company that said it was shutting down, and now the stock is up 480%
SEE ALSO: A trader started a GoFundMe page to pay back $100,000 to E-Trade after a disastrous short
