Shkreli, the company's former chief executive who took the helm just over a month ago and with a group of investors pledged to save it, was arrested on December 17.
The charges of securities fraud relate to his tenure at another drug company, Retrophin Inc.
The former hedge-fund manager has drawn criticism for a steep price hike on a treatment for a rare parasitic disease while at the helm of Turing Pharmaceuticals, as well as his purchase of the sole copy of a Wu-Tang Clan album.
Shkreli was fired by KaloBios after his arrest and has denied wrongdoing.
KaloBios cited Shkreli's arrest, an announcement last week that Nasdaq was planning to remove its stock, and the departures of its accounting firm, chief financial officer and two board members as challenges that have disrupted its ability to restructure out of court.
Shkreli, 32, is accused of repeatedly losing money for investors and lying to them about it, as well as illegally taking assets from Retrophin to pay off some of those investors.
"These events have been significantly disruptive to KaloBios' efforts to address its liquidity concerns and implement an out-of-court restructuring," the company said in court papers.
The petition lists US$8.37 million ($12.23 million) of assets and US$1.94 million of debt.
KaloBios's largest unsecured creditors include the University of Miami and Ernst & Young.
KaloBios's aim is to focus its limited resources on the development of the experimental leukemia drug lenzilumab, according to the filing. KaloBios said it paused enrollment in a clinical study of a second drug to treat solid tumors.
These events have been significantly disruptive to KaloBios' efforts to address its liquidity concerns and implement an out-of-court restructuring.
KaloBios has faced some setbacks in developing lenzilumab, also known as KB003. After Shkreli's arrest, University of California at Davis and Moffitt Cancer Center in Florida, two of the sites that were scheduled to participate in a clinical trial of the drug, said they were suspending their plans to join.
The company announced on November 13 that it would wind down operations. In court filings, the company said it eliminated 61 per cent of its staff and repaid its only secured debt - US$6.6 million - to lender MidCap Financial. It was planning to liquidate assets and phase out its remaining employees as well as halt clinical research on the two experimental cancer medicines.
Less than a week later, on November 19, it announced new financing, led by Shkreli, who along with investors committed to an equity investment of at least US$3 million and another US$10 million, subject to shareholder approval. Shkreli and two partners acquired a 70 per cent stake.
KaloBios now has two directors after Shkreli, Tony Chase, Tom Fernandez and Marek Biestek left. The company had eight employees at the time of its filing, according to court papers.
KaloBios said in a statement that it had appealed the delisting and would have a hearing on February 25. Will Briganti, a Nasdaq spokesman, declined to comment beyond confirming the date of the appeal.
Shares have vacillated wildly on recent news. Shkreli took over KaloBios when shares of the company were trading at less than US$1. After the announcement that he had taken a controlling stake and named himself chief executive, they surged to a closing high of US$39.50 on November 23.
The stock plummeted 53 per cent in early trading on December 17 in the minutes after news of Shkreli's arrest broke and before it was halted by the exchange. It hasn't traded since then.
Matthew Harvey and Eric Schwartz, two lawyers at Morris Nichols Arsht & Tunnell listed on the filing as KaloBios's representatives, didn't respond to phone calls and an email seeking comment.
Shkreli is no longer affiliated with Retrophin, and remains on the board at New York-based Turing, according to a statement from that company last week. Turing also said at the time that it's cutting an unspecified number of jobs and seeking a permanent chief executive as well as more board members.
