Large Molecule

Nasdaq Suspends KaloBios' Stock

Jan 12, 2016

WSJ

KaloBios Pharmaceuticals stock will be suspended from the Nasdaq starting Jan. 13, as the biotech firm remains under scrutiny since the arrest of former CEO Martin Shkreli.

Trading in KaloBios, which filed for bankruptcy on Dec. 29, has been halted following the arrest of Shkreli for allegedly misleading hedgefund investors, as well as soliciting $5 million from investors for another fund, while concealing his performance managing MSMB Capital and providing investors an inflated valuation of biopharmaceutical company, Retrophin.

KaloBios fired Shkreli on December 21, and he later stepped down from Turing Pharmaceuticals, a company he founded.

Nasdaq said a hearing to review KaloBios's appeal of the delisting determination is scheduled for Feb. 25.

Read the WSJ article