Collect Records founder Geoff Rickly (Thursday, United Nations, No Devotion) and the label’s various bands were publicly distressed this week when news broke that millionaire pharmaceutical investor Martin Shkreli, who had been silently funding the label, was under fire for massively inflating the cost of a crucial drug for AIDS and cancer patients. Now, as Pitchfork points out, Rickly has issued a statement affirming that Collect is severing its business relationship with Shkreli. Read Rickly’s statement below.

Today, Collect Records — with the support and encouragement of all of our artists — have agreed to fully sever our relationship with Martin Shkreli, effective immediately.

When I decided to get into business with Martin, we took him on as a patron. He was completely silent and allowed us to do business as we pleased. His only ask was that we sign bands that we believed could make great art given the right environment and not to focus on a profit, no matter how dire the bottom line.

Never in a million years did any of us expect to wake up to the news of the scandal that he is now involved in. It blindsided and upset us on every level. As such, we know it is impossible for us to continue having any ties with him. For my part, I’ve always strived to make Collect a place that was so liberal, encouraging, and artist-friendly that no one would ever walk away from us willingly, though to do so at any time would be very easy. To that end, I hope that our bands continue to believe in our guidance and passion. Any of them that have had an incurable crisis of confidence will be allowed to leave with nothing but the kind of encouragement that we’ve built our label on.

For all the kind words of encouragement that I’ve received over the past two days, I’m forever grateful.

From all here at Collect Records, thank you.