KaloBios Pharma (KBIO) In Discussions with Shkreli Group About Continuing Operations

November 19, 2015 6:22 AM EST

KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO) announced that it has been informed that an investor group comprised of Martin Shkreli and associates together have acquired more than 50% of the outstanding shares of KaloBios, and that the company is in discussions with Mr. Shkreli regarding possible direction for the company to continue in operation. Mr. Shkreli is the founder and chief executive officer of Turing Pharmaceuticals, a privately held biopharmaceutical company.

"We have received communications from Mr. Shkreli informing us of his group's ownership position, and a proposal to continue the company's operations," said Ronald Martell, Executive Chairman of KaloBios. "Our board of directors is prepared to entertain any constructive proposal, which we will act upon promptly. Addressing short-term cash needs is our first priority, and we continue to be open to further dialogue," he concluded.

KaloBios had previously announced that it would undertake a wind-down of the business.

Shares of KBIO are up 757% to $17.76 in pre-open tade.

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