Company which raised price of AIDS drug by 5500% reports $14m quarterly losses
The drug company which hiked up the price of a drug used to treat AIDS-related infections has reported a $14.6 million quarterly loss.
Martin Shkreli, the 32-year-old founder and chief executive of Turing Pharmaceuticals, came under fire in September after buying the rights to 62-year-old drug Daraprim.
The drug costs less than $1 per tablet to make, and is used to treat conditions including AIDS-related toxoplasmosis.
However, Shkreli last month attempted to dramatically increaser the price of the drug from $13.50 per tablet to $750 – an increase of 5500%.
Now Turing Pharmaceuticals has reported a quarterly loss of $14.6 million (£9.6 million).
The loss was made between July and the end of September.
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The net revenue reported in Turing’s financial report for Daraprim and blood pressure drug Vecamyl, was $5.6 million (£3.6 million).
Turing Pharmaceuticals defended the losses saying it had been investing money into new drugs.
Shkreli has vowed that Turing Pharmaceuticals would reduce the price of Daraprim, but has not yet done so.
Democratic Presidential hopeful Bernie Sanders recently rejected a donation from Shkreli.