California based KaloBios Pharmaceuticals Inc. Said it is Appealing NASDAQ delisting
San Francisco based, KaloBios Pharmaceuticals Inc., is going through a lot of changes with Martin Shkreli fired as a CEO and the company filing for Chapter eleven bankruptcy in Delaware.
On Monday, two directors of the company, Tom Fernandez and Marek Biestekhad resigned. The California-based pharma company is planning to use the bankruptcy to acquire some time to apply its restructuring plans reveals the court papers.
Shkreli, who is linked to some of the pharma companies and came to the lime light with his price surging tactics was arrested earlier, charged with securities fraud.
Citing the arrest of Shkreli Evan Greebel, the NASDAQ stock exchange on December 18, notified KaloBios that it meant to delist the shares of the pharma from the exchange.
Though Shkreli's arrest was not linked to his price hiking tactics but it brought forward a scenario of extreme greed and corruption in the industry. However, it gave a chance to KaloBios and Turing to assemble up the scattered pieces.
In its bankruptcy filing, KaloBios listed assets and liabilities in the range of $1 to $10 million.