KaloBios Pharmaceuticals Inc, which fired chief executive Martin Shkreli earlier this month, filed for chapter 11 protection yesterday, Reuters reported. The drugmaker listed both its assets and liabilities in the range of $1 million to $10 million in its filing with the U.S. Bankruptcy Court for the District of Delaware. The move comes on the heels of KaloBios' appeal of the Nasdaq decision to delist its shares. A hearing on the appeal has been scheduled for Feb. 25, KaloBios said yesterday. The company on Monday said that two of its directors, Tom Fernandez and Marek Biestekhad, had resigned in the wake of Shkreli's arrest for alleged securities fraud. KaloBios named Shkreli as its CEO on Nov. 20, after Shkreli and a consortium of investors bought about 70 percent of its shares. Shkreli was arrested on Dec 17 for engaging in what U.S. prosecutors said was a Ponzi-like scheme at a hedge fund and a pharmaceutical company he previously headed.
