Daraprim maker loses $14.6 million in latest quarter.
In August, the world was introduced to Martin Shkreli, the former hedge fund manager who bought the rights to a decades-old drug necessary for some AIDS and cancer patients. He raised the drug’s price overnight, from $13.50 a pill to $750 a pill, a jump of over 5000 percent.
Shkreli, also known as “pharma bro,” defended the decision, claiming the need for a newer drug, despite many physicians who disagreed, and despite seeking alternative research funding.
Last week, Turning released its financial results for the third quarter. The company lost nearly $15 million across those three months, a total of $14.59 million.Â
“We are very excited about the potential for Turing’s pipeline of new drug candidates to help patients in need of better medications,” Shkreli said in the statement.
Daraprim “is used by patients with AIDS or cancer to fight the Toxoplasma gondii parasite. More than 60 million Americans carry the parasite without coming to harm, but it can lead to seizures, blindness or neurological damage to those with a compromised immune system,” IFL Science reports.
Bernie Sanders and other Senators sent Shkreli a letter asking him to testify and to produce documents related to the price increase. Hillary Clinton promised to work to ensure drug companies don’t gouge customers.
The Sun Times reports today that HIV activists had “stormed the lobby of the company in October.”
After national outrage, Shkreli succumbed and promised to reduce the drug’s price, without revealing by how much, within a month. He has yet to do so. The New York Times earlier this month reported the price reduction would come by year’s end, and be only “modest,” according to Shkreli.
Meanwhile, another company decided to sell Daraprim at essentially what it costs to produce: $1 per pill.
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