KaloBios plans up to $13 million of equity sales with investor group

Financing conducted with new CEO Martin Shkreli and other investors

By Devika Patel

Knoxville, Tenn., Nov. 23 – KaloBios Pharmaceuticals, Inc. said it has received a commitment from the founder and chief executive officer of Turing Pharmaceuticals AG, Martin Shkreli, and other investors for an equity investment of at least $3 million. In addition, the investors have committed to a $10 million equity financing facility.

In addition, Shkreli led an investor group which purchased 70% of the company’s outstanding shares and was appointed company chief executive officer, and David Moradi, Tony Chase and Marek Biestek have been elected to the board of directors.

The biopharmaceutical company is based in San Francisco.

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