Kalobios Pharmaceuticals Files for Chapter 11 Bankruptcy

KaloBios Pharmaceuticals Inc KBIO filed for Chapter 11 bankruptcy protection Tuesday in the U.S. bankruptcy court for the District of Delaware, reports Reuters. The company listed assets and liabilities of $1 million to $10 million, Also on Tuesday KaloBios announced it was appealing Nasdaq's decision to delist its shares. KaloBios shares have been halted since December 17, the same day its controversial CEO Martin Shkreli was arrested on securities fraud and wire fraud charges.