KaloBios Pharmaceuticals Inc, a biotechnology company that fired Chief Executive Martin Shkreli earlier this month after his arrest on charges of securities fraud, filed for Chapter 11 bankruptcy on Tuesday.
Shkreli was arrested on Dec 17 for engaging in what U.S. prosecutors said was a Ponzi-like scheme at his former hedge fund and a pharmaceutical company he previously headed.
Shkreli gained notoriety when, as the chief executive of Turing Pharmaceuticals, he raised the price of a drug used to treat a dangerous parasitic infection to $750 a tablet from $13.50.
He resigned as Turing CEO on Dec 18.