KaloBios Pharma Announces Martin Shkreli's Sale Of His Stake In Company

(RTTNews) - KaloBios Pharmaceuticals, Inc. (KBIO.OB), announced the sale by Martin Shkreli of his remaining shares of KaloBios common stock, fully eliminating his association with the company. KaloBios also outlined its priority goals as it continues to transform the company.

In private transactions, Shkreli sold his entire stake in KaloBios directly to other investors. Mr. Shkreli has zero ownership of the capital stock of, or ongoing financial interest in, the company. In addition, under the terms of the governance agreement announced July 7, Mr. Shkreli continues to be restricted from certain further actions concerning the company for a period of time.

KaloBios has set out key near-term goals in executing this strategy: Benznidazole - expect to have U.S. Food and Drug Administration Pre-Investigational New Drug (IND) application meeting within the next six months to confirm the regulatory pathway for benznidazole in the treatment of Chagas disease, a neglected tropical disease. Lenzilumab - continues enrolling patients in the company's ongoing Phase 1 study of lenzilumab for Chronic Myelomonocytic Leukemia (CMML), with the expectation to use the data to help inform a possible study in Juvenile Myelomonocytic Leukemia (JMML), a rare pediatric condition. regain compliance with periodic reporting requirements of the Securities and Exchange Commission, and seek relisting on a national stock exchange.

KaloBios emerged from Chapter 11 bankruptcy June 30 with $14 million in equity financing.