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December 01, 2015 12:29 AM ET


Company Overview of KaloBios Pharmaceuticals, Inc.

Company Overview

KaloBios Pharmaceuticals, Inc., a biopharmaceutical company, develops monoclonal antibody therapeutics for the treatment of cancer in the United States. The company’s product candidates include KB004, which is in a Phase II clinical trial for the treatment of myelodysplastic syndrome and myelofibrosis; and KB003 that completed Phase II clinical trial to treat chronic myelomonocytic leukemia, an orphan oncology indication. KaloBios Pharmaceuticals, Inc. was founded in 2000 and is headquartered in South San Francisco, California.

442 Littlefield Avenue

South San Francisco, CA 94080

United States

Founded in 2000

32 Employees



Key Executives for KaloBios Pharmaceuticals, Inc.

Chief Scientific Officer
Age: 63
Total Annual Compensation: $287.5K
Compensation as of Fiscal Year 2013.

KaloBios Pharmaceuticals, Inc. Key Developments

KaloBios Pharmaceuticals Not In Compliance With Nasdaq Listing Rules

The NASDAQ Stock Market (Nasdaq) notified KaloBios Pharmaceuticals, Inc. by letter dated November 17, 2015, that the Company is not currently in compliance with Nasdaq’s continued listing requirement set forth in Rule 5250(c)(1) of the Nasdaq Listing Rules (Rules), due to its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 with the Securities and Exchange Commission (SEC). Under the Rules, the Company has 60 calendar days from November 17, 2015 to submit a plan to Nasdaq to regain compliance with the Rules. The Company intends to file the 2015 Third Quarter 10-Q prior to such date and will submit a compliance plan to Nasdaq on or prior to January 16, 2016, if necessary. If Nasdaq accepts the plan, it can grant an exception of up to 180 days from the due date of the filing of the 2015 Third Quarter 10-Q, or until May 16, 2016, for the Company to regain compliance with Rule 5250(c)(1). The Company may regain compliance at any time during this 180-day period upon filing its 2015 Third Quarter 10-Q, as well as all subsequent required periodic reports that are due within that period, with the SEC. If Nasdaq does not accept the Company’s compliance plan, the Company will have the opportunity to appeal that decision. The Company intends to file its 2015 Third Quarter 10-Q with the SEC as soon as practicable. No assurance can be given that the 2015 Third Quarter 10-Q will be filed on or before January 16, 2016, or that Nasdaq will grant an exception to extend the period in which to bring the Company into compliance with Rule 5250(c)(1) beyond that date.

KaloBios Pharmaceuticals to Begin Shut Down of Operations; Repays Outstanding Secured Loan Obligation to MidCap Financial

KaloBios Pharmaceuticals reported that it will wind down its operations and that it has engaged the Brenner Group to lead those efforts. The company noted that it will discontinue its two current development programs, KB004, being studied in Phase 2 for certain hematologic malignancies, and lenzilumab, or KB003, scheduled to initiate Phase 1 development later in 2015 in chronic myelomonocytic leukemia. KaloBios has engaged The Brenner Group to assist in the wind down of operations and liquidation of the company's assets. The company recently announced a reduction in operations and headcount affecting approximately 60% of the company's 28 employees. As a part of its wind down and handing over management of the wind down to The Brenner Group, the company expects to phase out the remaining employees over the next thirty to sixty days. As a part of its restructuring and winding down, the company has repaid in full its outstanding secured loan obligation to MidCap Financial, secured lender to the company, in the approximate amount of $6.6 million.

Kalobios Pharmaceuticals, Inc. Announces Management Changes

On November 19, 2015, KaloBios Pharmaceuticals, Inc. terminated Mr. Herb Cross from his position as Interim President, Chief Executive Officer and Chief Financial Officer of the company, effective immediately, and Martin Shkreli was appointed as Chief Executive Officer of the company and elected as Chairman of the Board. Martin Shkreli, age 32, is currently the Chief Executive Officer and is founder of Turing Pharmaceuticals AG. On November 19, 2015, the board of directors of the company appointed Martin Shkreli as Chairman of the Board and Marek Biestek, Tony Chase and David Moradi as members of the Board. The then current directors of the Board, Ted W. Love, Denise Gilbert, Laurie Smaldone Alsup, Gary Lyons, Robert A. Baffi and Raymond M. Withy (collectively, the Resigning Directors), resigned, effective immediately after such appointments. The resigning Directors had no disagreement with the company that led to their respective resignations. On November 22, 2015, the Board appointed Tom Fernandez and Michael Harrison as members of the Board and members of the Board's Audit Committee, with Mr. Harrison appointed as chairman of such committee.

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