FTC asks court to hold Martin Shkreli in contempt for launching new drug company #GeekLeap

Martin Shkreli, whom chances are you’ll know as “Pharma Bro,” launched a brand new firm final 12 months referred to as “Druglike, Inc.” Now, the Federal Commerce Fee (FTC) has requested a federal decide to carry him in contempt for failing to cooperate with the company in its investigation to find out whether or not launching the corporate violates his lifetime business ban. US District Court docket Decide Denise Cote imposed a lifetime ban on Shkreli that prohibits him from collaborating within the pharmaceutical business early final 12 months. Cote dominated that the previous pharma exec orchestrated an unlawful anticompetitive scheme to achieve a monopoly over Daraprim, a life-saving anti-malarial and anti-parasitic drug. 

After Shkreli’s former firm, Turing Prescribed drugs, obtained the manufacturing license for Daraprim, it raised the drug’s costs from $17.50 to $750 per pill. Cote sided with the FTC within the antitrust lawsuit the company filed in opposition to Shkreli in 2020 and ordered him to pay $64.6 million in damages, along with imposing a lifetime business ban in opposition to him. Previous to Druglike’s launch, Shkreli tried (and failed) to persuade a decide to place the ban on maintain, arguing that the general public may benefit from his future contributions to the business. Shkreli challenged the ban whereas he was serving time in federal jail after receiving a seven-year sentence in 2017 for defrauding buyers. He was launched from jail in Might.

The FTC stated it began asking Shkreli for a compliance report and entry to related data, in addition to asking him to take a seat for an interview concerning Druglike, in October 2022. Nonetheless, the corporate co-founder saved on disregarding its “repeated requests.” The company additionally stated that Shkreli has but to pay any quantity of his $64.6 million effective. It is now asking the court docket to order Shkreli to adjust to its info requests inside 21 days of its resolution. 

In a press launch (PDF) for its launch, Druglike described itself as “a Web3 drug discovery software program platform.” The corporate stated it is constructing a “decentralized computing community” that “offers assets for anybody seeking to begin or contribute to early-stage drug discovery initiatives.” In a press release, Shkreli stated “Druglike will take away boundaries to early-stage drug discovery, improve innovation and permit a broader group of contributors to share the rewards.”

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