News (USA)

Company that raised AIDS drug price by 5,000% reports $14.6 million loss in just 3 months

CEO Martin Shkreli earned the world’s wrath when his company Turing Pharmaceuticals purchased the rights to AIDS drug Daraprim and raised the price by over 5,000 percent.

Overnight, the cost of each pill skyrocketed from $13.50 to an unreal $750.

The drug is used to fight the Toxoplasma gondii parasite, which over 60 million Americans carry. Without treatment, people with a compromised immune system can suffer seizures, blindness, and neurological damage.

Now, Turing Pharmaceuticals has reported a $14.6 million net loss in their third-quarter (July to September of this year).

The company justified the losses by claiming they’re spending 60% of their revenue on drug research.

Right now, they’re looking into an intranasal formulation of ketamine, which they hope will treat depression and post-traumatic stress disorder.

h/t: IFL Science

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