Turing Pharmaceuticals AG, the NYC- and Zug, Switzerland-based biopharmaceutical company focused on developing and commercializing treatments for serious diseases and conditions, announced the resignation of CEO Martin Shkreli.
The announement follows Shkreli’s arrest on December, 17, 2015, in NYC, charged with defrauding former hedge funds MSMB Capital Management LP and MSMB Healthcare Management LP investors and then misappropriating more than $11 million in assets from publicly traded Retrophin Inc. (RTRX) to pay back defrauded investors (read the Department of Justice’s press release releated to the charges here).
The company appointed Ron Tilles to the position of Interim CEO. Tilles, who will also continue to serve as Chairman of the Board of Directors, reassured on the future of Turing saying: “We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl. Research Development on new medications continues to be a priority for the company“.
Yesterday, the company issued an official statement saying that the legal matters concerning Shkreli “are personal and have no bearing on Turing Pharmaceuticals“.
On August 10, 2015, the company announced a $90m Series A funding round led by the same Shkreli.
Turing focuses on developing and commercializing treatments for serious diseases and conditions across a broad range of therapeutic areas. Products being developed include Daraprim (pyrimethamine) for the treatment of Toxoplasmosis in combination with sulfonamide and Vecamyl® (mecamylamine HCl tablets) for hypertension, whose cost was object of a recent hike controversy.