KaloBios Pharmaceuticals once again announced Board changes  today. The company appointed Dr. Cameron Durrant, MD, MBA as lead independent director and Chairman. The Board also named Ronal Barliant as an independent director.

According to the company, Mr. Barliant is a lawyer. He is affiliated with the law firm, Goldberg Kohn in Chicago. He previously serves as a United States bankruptcy judge for the Northern District of Illinois.

KaloBios Pharmctcls (KBIO)
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Mr. Barlian also served as served as adjunct faculty at John Marshall Law School and is a frequent lecturer and author on bankruptcy-related matters.

On the other hand, Dr. Durrant is a senior pharmaceutical/biotech executive and a former physician. He is a turnaround expert.

The company also disclosed that Michael Harrison resigned as a member of the Board on January 7.

Shkreli’s investment

The penny stock company was relatively unknown but attracted media attention after the controversial investment of Martin Shkreli, which drove the stock significantly higher—as much as $45.82 per share in just one month.

The fast acceleration of the stock price of KaloBios did not last. The stock decelerated quickly following the arrest of Shkreli, who became Chairman and CEO of the company after his investment.

Federal authorities arrested Shkreli due to allegations of securities fraud when he was working as CEO of Retrophin and hedge fund manager of MSMB Capital and MSMB Healthcare.

Shkreli’s arrest prompted the Board of Directors of KaloBios to terminate his appointment CEO of the company last month. Shkreli resigned from his position as Chairman of the company’s Board.

Tony Chase and Christopher Thorn also resigned from their positions as board member and interim chief financial officer, respectively.

KaloBios filed for bankruptcy

The NASDAQ also delisted KaloBios from the exchange because of Shkreli’s arrest, its failure to submit its quarterly report on Form 10-Q for the period ended September 30, 2015, and its filing for Chapter 11 bankruptcy protection.

KaloBios filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court for the District of Delaware on December 29.

The company continues to manage and operate its assets and businesses as a “debtor-in-possession under the jurisdiction of the bankruptcy court and in accordance with applicable provisions of the Bankruptcy Code and the orders of the court.