Actionable news
0
All posts from Actionable news
Actionable news in KBIO: KaloBios Pharmaceuticals, Inc.,

KaloBios Confirms Communications with Majority Shareholder Group

SOUTH SAN FRANCISCO, Calif., Nov. 18, 2015 /PRNewswire/ -- KaloBios Pharmaceuticals, Inc. (KBIO) today 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.

About KaloBios
KaloBios Pharmaceuticals, Inc. is seeking to improve the lives of patients by developing innovative therapies to treat diseases of high unmet medical need, with a focus on oncology. KaloBios has focused on advancing the following immuno-oncology and oncology programs in clinical development:

  • KB004 is a non-fucosylated mAb targeting EphA3 with the potential to treat hematologic malignancies and solid tumors. KB004 is designed to kill tumor cells through multiple mechanisms, including antibody-directed cellular cytotoxicity (ADCC), direct apoptosis or disruption of the tumor stem cell...

More