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Martin Shkreli is now the CEO of a publicly traded pharmaceutical company

Martin Shkreli
Martin Shkreli

(Twitter.com/MarinShkreli)
Martin Shkreli.

Martin Shkreli is now the CEO of a publicly traded pharmaceutical company.

In a release on Thursday, KaloBios named Shkreli CEO and chairman of the board while also adding three new board members.

KaloBios saw its stock price rise more than 400% on Thursday after Shkreli and his associates reported that they'd purchased 70% of the company's outstanding shares earlier this week.

In early trading on Friday, shares of KaloBios were up more than 100%.

Last Friday, KaloBios said it would wind down its operations, and since then the stock has gone from under $1.00 per share to $21.00.

Shkreli first came into the public eye earlier this fall when presidential candidate Hillary Clinton called out the pricing practices of his company, Turing Pharmaceuticals, which raised the price of one drug by 5,000%.

KaloBios announced Thursday that it has received a commitment from Shkreli and other investors for an equity investment of at least $3 million, with this group also committing to a $10 million equity-financing facility. So Shkreli and his associates gave KaloBios a lifeline and now he's getting a chance to run the place.

Shkreli said in a statement that KaloBios plans to go forward with the development of its leukemia treatment.

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