On Tuesday, KaloBios Pharmaceuticals Inc., which recently fired its indicted CEO, Martin Shkreli, filed for Chapter 11 bankruptcy in Delaware.

The South San Francisco-based firm has faced a string of bad news since Shkreli’s December 17 arrest on securities fraud charges. The charges related to an alleged Ponzi-like scheme Shkreli was said to have orchestrated with another of his pharmaceutical companies, Retrophin, as well as two hedge funds he managed. After the arrest, KaloBios fired Shkreli, who pled not guilty to the charges and was released on a $5 million bond.

On December 18, the NASDAQ stock exchange notified KaloBios that it intended to delist the company's shares from the exchange, citing Shkreli’s arrest and the arrest of Evan Greebel, the company’s former outside counsel. Next, the company’s interim CFO, Christopher Thorn, resigned, as did the company’s certifying accountant.

On Tuesday, as KaloBios filed for bankruptcy, the company announced that it appealed the NASDAQ delisting. The company has an appeal hearing scheduled for February 25, 2016.

Shkreli—infamous for raising the price of the life-saving drug Daraprim by more than 5,000 percent in September as CEO of Turing Pharmaceuticals—became CEO of KaloBios in November after buying a majority stake.

His first move at KaloBios was to license the rights to a version of the drug benznidazole, which health experts feared would meet the same price-hiked fate as Daraprim. Benznidazole is used to treat Chagas disease, a parasitic infection that can lead to deadly heart problems. The disease is rare in the US but common in Latin America.

Health experts were also concerned that Shkreli would try to use the Chagas drug license to take advantage of a Food and Drug Administration voucher system. That system is intended to incentivize companies to come up with treatments for neglected diseases, such as Chagas.