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KaloBios Files For Bankruptcy

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KaloBios Files For Bankruptcy

Shares of KaloBios Pharmaceuticals Inc (NASDAQ: KBIO) have been halted since the company's controversial CEO Martin Shkreli was arrested on fraud charges on December 17.

KaloBios has since fired Shkreli and on Monday appealed a decision by the Nasdaq exchange to delist its shares.

In the most recent development, KaloBios filed for Chapter 11 bankruptcy protection with a Delaware bankruptcy court on Tuesday.

See Also: Martin Shkreli-KaloBios Saga An Example Of How Penny Stocks Can Be Misunderstood, Tim Sykes Says

Market Watch, citing the bankruptcy filing, noted that KaloBios has $8.4 million in assets and $1.9 million in liabilities. The filing also named Shkreli, David Moradi and Anthion Partners II LLC as majority shareholders.

KaloBios announced on November 13 that it was about to wind down operations. Five days later, Shkreli bought 1.2 million shares and was appointed CEO, briefly keeping the company afloat.

 

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