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Is Shkreli Directing His Pharma Company From Prison?

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By William Vogeler, Esq. on March 08, 2019 3:00 PM

If nothing else, Martin Shkreli has huevos.

That's how they talk in prison anyway. Infamous for raising the price of a pharmaceutical drug from $13 to $750 a pill, Shkreli is serving seven years for securities fraud.

Now he is reportedly running his business from prison. That would be huevos; and we're not talking about eggs.

Prison Business

According to reports, Shkreli oversaw a $20 million deal with Orphan Star Therapeutics last September. It is supposed to develop drugs for rare diseases.

In January this year, his company licensed a drug to a company called Seelos for $1.5 million plus 250,000 shares. This all happened while Shkreli was behind bars, apparently with a contraband phone.

That's against the law. Apparently, the Federal Bureau of Investigation is looking into it.

In any case, the deals haven't helped Shkreli's business that much. The Wall Street Journal said his company is losing millions.

"Pharma Bro"

Before he was convicted in 2017, Shkreli was known as "Pharma Bro" for his notorious 5,000 percent price-hike. He was convicted for unrelated wrongs.

Prosecutors said he misled investors about one of his funds. He told them it had a 35.77 percent return, when in fact it had lost 18 percent.

That's also called huevos. And we're not talking about money.

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