The former hedge fund manager who increased the cost of a life-saving medication by more than 5,000 percent has backed down on the price hike following a barrage of criticism. The drug Daraprim is used to treat toxoplasmosis, a parasitic infection which is particularly dangerous for people with HIV/AIDS. Martin Shkreli, head of Turing Pharmaceuticals, initially defended the decision to increase the drug’s cost from $13.50 to $750, but he backed down in an interview with ABC News.

Martin Shkreli: “We’ve agreed to lower the price of Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit. And we think these changes will be welcomed.”

Martin Shkreli did not specify what the new cost of the drug would be. He has come under further criticism after it emerged his previous drug company bought the rights to a decades-old medication used to treat a rare and incurable kidney disease, and hiked the drug’s price by nearly 2,000 percent. Democratic presidential candidate Hillary Clinton issued a plan to curb “price-gouging” by drug companies, while rival Bernie Sanders touted his long-standing push to lower the cost of prescription drugs.