KaloBios Pharmaceuticals Inc (NASDAQ:KBIO)
Shares of KaloBios Pharmaceuticals Inc (NASDAQ:KBIO), skyrocketed 510.63% and is at $12.76 in the Real-Time trading session. The firm opened its current trade at $14.00. The total volume traded for the day is 3.23M shares, as compared to its average daily volume of 608,620.00 shares. The stock is floating in a range of $11.12 - $14.72. The stocks hold the market capitalization of $52.13M.
KaloBios Pharmaceuticals, Inc. (NASDAQ:KBIO) declared that it has been informed that an investor group comprised of Martin Shkreli and associates together have attained more than 50% of the outstanding shares of KaloBios, and that the company is in negotiations 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 precedingity, and we continue to be open to further dialogue,” he concluded.
KaloBios Pharmaceuticals, Inc., a biopharmaceutical company, develops monoclonal antibody therapeutics for the treatment of cancer in the United States. The companys product candidates comprise KB004, which is in a Phase II clinical trial for the treatment of myelodysplastic syndrome and myelofibrosis; and KB003 that accomplished Phase II clinical trial to treat chronic myelomonocytic leukemia, an orphan oncology indication. KaloBios Pharmaceuticals, Inc. was founded in 2000 and is headquartered in South San Francisco, California.
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