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KBIO - KaloBios Pharmaceuticals, Inc.

KaloBios Pharmaceuticals, Inc. logo KaloBios Pharmaceuticals, Inc. (KBIO) was a publicly traded biopharmaceutical company headquartered in Brisbane, California. It was founded in 2000 by Dr. David Pritchard, a former executive at Genentech, and focused on developing treatments for cancer and other diseases.

KBIO's most notable drug was benznidazole, an antiparasitic medication used to treat Chagas disease. In 2014, KBIO received fast track designation from the US Food and Drug Administration (FDA) for the drug, which allowed for expedited review and approval.

However, the company faced financial difficulties and was delisted from the Nasdaq in December 2015 due to non-compliance with listing rules. In the same month, KBIO announced that it had filed for bankruptcy and planned to sell off its assets.

In an unusual turn of events, controversial entrepreneur Martin Shkreli bought a majority stake in KBIO in November 2015 after the company's shares had dropped sharply. Shkreli had gained notoriety for his role in increasing the price of Daraprim, a drug used to treat toxoplasmosis, from $13.50 to $750 per pill as CEO of Turing Pharmaceuticals.

After buying the KBIO shares, Shkreli attempted to take control of the company's board and increase the price of benznidazole from $50 to $60,000 per treatment course. However, his actions were met with significant public backlash and he was subsequently arrested and charged with securities fraud in December 2015.

Following Shkreli's arrest, KBIO's assets were sold to PDL BioPharma for $22 million. The company's operations were subsequently discontinued and it no longer exists as a publicly traded

 



 

 

 
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