After Raising Price Of Life-Saving Drug By 5,000%, Company Reports $14.6 Million Loss In 3 Months

Turing Pharmaceuticals, the company who raised the price of a live-saving drug used by patients with AIDS or cancer to fight parasitic infections by 5,000%, just reported a $14.6 million net loss in their third-quarter (from July to the end of September).

In mid-August, the pharmaceutical company’s CEO Martin Shkreli purchased the rights of Daraprim and raised the price of each pill from an affordable $13.50 a tablet to an unbelievable $750.

Turing Pharmaceuticals CEO Martin Shkreli

The drug is used by patients with AIDS or cancer to fight the Toxoplasma gondii parasite. Nearly 60 million Americans carry the parasite harmlessly, but it can lead to seizures, blindness or neurological damage to those with a compromised immune system.

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IFLScience adds:

Medical groups, politicians and the public were understandably outraged at the move, while CEO Martin Shkreli became an online piñata.

Turing Pharmaceutical’s recent financial report showed that the net revenue on Daraprim and blood pressure drug Vecamyl was $5.6 million (£3.6 million). Defending the losses, the company also stressed that most of their money has been going into investment, expecting to spend 60 percent of their revenue on development and research towards their drugs.

Part of this development will be an intranasal formulation of ketamine to treat post-traumatic stress disorder and depression.

RELATED: Competitor Offers $1 Pill To Treat AIDS Patients After Pharma CEO’s 5,000% Price Hike Outrage