KaloBios submits request to appeal Nasdaq delisting


KaloBios Pharmaceuticals has filed an appeal over its Nasdaq delisting which followed its acquisition by controversial Chief Executive Martin Shkreli.

The embattled drugmaker said last week it had been notified by Nasdaq that its stock would be delisted using the exchange operator’s “discretionary” authority.

A hearing to be relisted has been scheduled for Februar 25, the company said on Tuesday.

KaloBios on Monday said two directors – Tom Fernandez and Marek Biestekhad – had resigned in the wake of Shkreli’s arrest for alleged securities fraud.

Shkreli is best known for raising the prices of an AIDS drug by 5,000% and for allegedly running a ponzi-type scheme. He stepped down as CEO of privately held Turing Pharmaceuticals on December 18.

KaloBios named Shkreli as its CEO on November 20, after Shkreli and a consortium of investors bought a 70% stake in the company.

Shares of San Francisco, California-based KaloBios have not traded since last Thursday.

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Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.