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Company that hiked price of AIDS drug by 5,000% loses $14.6m in 3 months
Turing Pharmaceuticals has reported a $14.6 million net loss last quarter after hiking the price of a decades-old AIDS drug 5,000%.
CEO Martin Shkreli drew the scorn of the internet after he bought the rights to Daraprim and raised the price from $13.50 to $750 overnight.
Daraprim is used to treat the toxoplasma gondii parasite, which can cause seizures, blindness, and neurological damage in people with compromised immune systems.
After a fierce backlash, Shkreli said he would lower the price of the drug, but another company started selling the drug for $1 a pill.
We will be releasing our third quarter financial results in 2015 publicly. This is unprecedented for a private company.
— Martin Shkreli (@MartinShkreli) November 11, 2015
The company spent $7 million on drug research last quarter, which contributed to losses.
‘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 a statement.
The company also addressed the Daraprim controversy:
‘After consulting with patient advocacy groups and infectious disease doctors, Turing understands that toxoplasmosis patients are primarily concerned with timely access and minimal out-of-pocket costs.
‘We are committed to continuing the expansion of our distribution partnerships in order to facilitate optimal patient access. In addition to participation in federal and state programs with costs as low as 1 penny per pill, and patient savings programs under which patients’ out-of-pocket expenses do not exceed $10 per prescription, Turing contributes to Patient Services, Inc. (PSI), a longstanding independent charity that provides support for financially needy patients’ cost-sharing obligations for any toxoplasmosis therapies, consistent with PSI’s advisory opinion from the HHS Office of Inspector General.’
The post Company that hiked price of AIDS drug by 5,000% loses $14.6m in 3 months appeared first on Gay Star News.
Darren Wee
www.gaystarnews.com/article/company-that-hiked-price-of-aids-drug-by-5000-loses-14-6m-in-3-months/
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