Martin Shkreli Named CEO Of KaloBios

Shares of KaloBios Pharmaceuticals surged higher by more than 1000 percent on Thursday before closing the day at $10.40, up 402.42 percent. Investors and traders were encouraged by the company's

announced in a press release

that Shkreli will assume the role of CEO and Chairman of the Board, marking a complete reversal from the company's announcement earlier this month it will cease operations. According to KaloBios' press release, Shkreli will work with senior management to ensure "the Company's continued operations." The press release also noted that Shkreli, along with the group of investors, now own 70 percent of the company's outstanding shares. Shkreli has also made a commitment for an equity investment of at least $3 million and an equity financing facility of $10 million. ""We believe that the KaloBios' lenzilumab is a very promising candidate for the treatment of various rare and orphan diseases," Shkreli said. "This monoclonal antibody neutralizes soluble granulocyte-macrophage colony stimulating factor (GM-CSF), a central actor in leukocyte differentiation, autoimmunity and inflammation. Lenzilumab has particular promise in Chronic Myelomonocytic Leukemia (CMML), a disease with no FDA-approved treatment options and a 3-year overall survival rate of 20 percent."