KaloBios Appoints Martin Shkreli As CEO, Obtains New Financing Commitment

(RTTNews) - KaloBios Pharmaceuticals, Inc. (KBIO) said an investor group led by Martin Shkreli, the Founder and Chief Executive Officer of Turing Pharmaceuticals AG, has acquired 70 percent of its outstanding shares. KaloBios also announced the appointment of Martin Shkreli to the position of Chief Executive Officer and his election as Chairman of the Board.

Shkreli will work with the company's senior management team to ensure the company's continued operations.

David Moradi, Tony Chase and Marek Biestek have been elected to the Board of Directors. In connection with these developments, the former directors have resigned, effective immediately.

The company also received a commitment from Shkreli and other investors for an equity investment of at least $3 million. Shkreli and the group of investors have committed to a $10 million equity financing facility, subject to shareholder approval.