KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) 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. Shkreliregarding possible direction for the company to continue in operation. Mr. Shkreli is the founder and chief executive officer ofTuring 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. (Original Source)

Shares of KaloBios Pharmaceuticals are up no less than 800% in pre-market trading. KBIO has a 1-year high of $16.32 and a 1-year low of $0.44. The stock’s 50-day moving average is $1.86 and its 200-day moving average is $2.91.

KaloBios Pharmaceuticals Inc is a biopharmaceutical company. The Company is engaged in the development of monoclonal antibody therapeutics for diseases that burdens the society and to patients and their families.