Martin Shkreli Looks to Return to Biopharma with Blockchain Drug Discovery Platform

Just months after his release from prison, Martin Shkreli seeks to re-enter the biopharma industry with a drug discovery platform backed by a new cryptocurrency. The platform, called Druglike, would allow users to donate processing power for early-stage drug development computations in exchange for Shkreli’s new cryptocurrency. This move comes despite being banned from the drug industry for life due to his securities fraud conviction.

According to Conor Hale, “‘Druglike is not engaged in pharmaceutical research or drug development,’ the new venture said under its debut announcement’s ‘safe harbor statement,’ which may stretch the definition of the term. Disclaimers around forward-looking statements in company press releases typically seek to remind potential investors that today’s plans are not tomorrow’s guarantees. Safe harbor declarations are not often used to preemptively emphasize that a business pitch (hopefully) circumvents the letter of a court order, if not the spirit.”

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(Source: Fierce Biotech, July 26th, 2022)