Bloomberg reports KaloBios Pharmaceuticals Inc., which Martin Shkreli rescued from liquidation last month, filed for bankruptcy after Shkreli's arrest knocked the biotechnology company’s brief revival off course.

The Bloomberg article notes KaloBios filed for Chapter 11 reorganization on Dec 29, according to a statement on the website of the U.S. Bankruptcy Court in Wilmington, Delaware. The South San Francisco, California-based company plans to use the bankruptcy to buy some time to implement its restructuring plans, according to court papers.

According to the Bloomberg story, the company said last week that Nasdaq was planning to remove the stock on Wednesday, citing Shkreli’s Dec. 17 arrest on securities fraud charges related to another company, as well as KaloBios’s failure to file a quarterly financial report.

Read the Bloomberg article,  Shkreli’s Former Biotech Company KaloBios Files for Bankruptcy.