KaloBios Files for Bankruptcy Following Shkreli Arrest

Following the arrest on December 17 of former CEO Martin Shkreli, KaloBios Pharmaceuticals (South San Francisco, CA) filed for bankruptcy last week.   According to Bloomberg Business, the company plans to use the bankruptcy to buy time to implement its restructuring plans.   Shkreli, who took charge of KaloBios just a month ago, was arrested on fraud charges related to his position at his former company, Retrophin. KaloBios fired the controversial CEO shortly after his arrest.   http://www.bloomberg.com/news/articles/2015-12-30/shkreli-s-former-biotech-company-kalobios-files-for-bankruptcy-iisup3fw