'Pharma Bro' Martin Shkreli's Drug Companies File for Chapter 11 Bankruptcy

Two pharmaceutical companies established by Martin Shkreli, infamously known as 'Pharma Bro,' have filed for chapter 11 bankruptcy protection. The Wall Street Journal reports that the companies cited reputational harm from their founder's conviction for securities fraud, rendering them unable to raise capital or open bank accounts.

Both Vyera Pharmaceuticals and Phoenixus AG filed for protection on Wednesday with over $10 million in debt, according to Law360.

Shkreli founded Vyera Pharmaceuticals and was convicted of using it to commit securities fraud in 2017. He was released from prison last year.

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‘Pharma Bro’ Martin Shkreli’s Drug Companies File for Chapter 11 Bankruptcy

Both Vyera Pharmaceuticals and Phoenixus AG cite reputational damage for their inability to raise money.