Martin Shkreli Starts Drug Network After Prison Release plans “Web3 drug discovery” platform
Disgraced “pharma bro” Martin Shkreli has revealed that he is establishing a new drug network just two months after being released from prison. He has planned a “Web3 drug discovery” platform backed by crypto.
According to a press release issued on Monday, the platform is called Druglike and is still in the early stages of development. The platform’s goals appear to be lofty, but the details are hazy, and Shkreli’s intentions have already sparked suspicion. It’s also unclear whether the venture will put Shkreli in violation of his lifetime ban from the pharmaceutical industry, which stemmed from his infamous 4,000 percent price hike on a life-saving drug. “Underserved and underfunded communities, such as those focused on rare diseases or in developing markets, will also benefit from access to these tools.” Shrekeli said in a press release statement.
Shkreli, a co-founder of Druglike, claims that the platform aims to make early-stage drug discovery more affordable and accessible. In a press release, Shkreli stated, “Druglike will remove barriers to early-stage drug discovery, increase innovation, and allow a broader group of contributors to share the rewards.”
In a press release on Monday, the convicted fraudster referred to his new business, Druglike, as a “Web3 drug discovery software platform.” Because “conventional drug discovery software is too complicated and expensive to use,” he added, he founded the startup. Druglike is a blockchain/Web3 software firm, not a pharmaceutical one, according to Shkreli’s announcement of its formation, and it is “not engaged in pharmaceutical research or drug development.”
The Federal Trade Commission (FTC) permanently barred Shkreli from the pharmaceutical sector in January. The prohibition followed his conviction for monopolistically inflating the cost of the life-saving medication Daraprim by 5,000 percent by a federal court in New York.
After serving four years in federal prison for securities fraud, Shkreli was freed in May. He had deceived investors about the performance of his hedge funds MSMB Capital and MSMB Healthcare. He was given a seven-year term in 2018, however due to excellent behavior in jail and credit for the six months he spent in custody before his sentence, he was released early.