Pharma Bro Martin Shkreli Still Running Pharma Company from Prison
Posted on March 08, 2019 by Medtech[y] Staff
According to a report in the WSJ, "Pharma bro" Martin Shkreli is reportedly running his pharmaceutical company from prison on a contraband smartphone.
Once dubbed the most hated man in America, Shkreli is running Phonixus AG, formerly known as Turing Pharmaceuticals, while serving his seven-year sentence in federal prison after being convicted of securities fraud and conspiracy in 2017.
Shkreli made his name known to the general public after raising the price of the lifesaving drug, Daraprim, which is used by AIDS patients from $13.50 a pill to $750 a pill.
Shkreli owns 40% of the company and, according to the WSJ, he believes the company will grow more successful while in prison, eventually being worth $3.7 billion by the time he gets out.
Shkreli fired hand-picked CEO Kevin Mulleady before changing his mind and suspending him instead.
Aside from running the company on a burner phone, Shkreli also remains active on social media, including Facebook and his blog on Medium.
No word why Shkreli is using a cellphone as The Federal Bureau of Prisons states that federal inmates are prohibited from possessing cellphones in prison.
After burning investors out of $11 million between 2009 and 2014, there shouldn't be too much faith that Shkreli can grow his company to $3.7 billion by the time he sees the light of day again.
The WSJ story is bananas and shows that Shkreli doesn't care about the law and continues to do whatever he wants, even as he hangs out in a cell with his new prison buddies 'Krispy' and 'D-Block' who are undoubtedly helping Shkreli save one patient at a time.