KaloBios, formerly owned by infamous Shkreli, appeals Nasdaq delisting

BUSINESS

KaloBios, formerly owned by infamous Shkreli, appeals Nasdaq delisting

The Associated Press Published Tuesday, December 29, 2015 2:04PM EST

In this Dec. 17, 2015 file photo, Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is escorted by law enforcement agents in New York after being taken into custody following a securities probe. (AP/Craig Ruttle)

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NEW YORK -- KaloBios, the biotech company formerly run by Martin Shkreli, says that is appealing a decision by Nasdaq to delist the company from its stock market.

San Francisco-based KaloBios was notified last week that Nasdaq would move to delist the company's stock because of Shkreli's arrest and several other issues.

Shkreli was charged with securities fraud earlier this month. KaloBios subsequently fired him as CEO and he resigned from its board.

He became infamous earlier this year after another company he led, Turing Pharmaceuticals Inc., hiked the price of a life-saving drug by 5,000 per cent. He resigned as CEO of Turing following his arrest.

KaloBios Pharmaceuticals Inc. said Tuesday that a hearing on its appeal to Nasdaq will take place in late February.