NY Rep. Collins loses millions on Innate flop

Earlier this year, Rep. Chris Collins’ (R-NY) 16.8% stake in Innate Immunotherapeutics (ASX:IIL) was worth $45.5 million. But since the Australian biotech’s lead drug failed in a 93-patient trial this week, shares in the company dropped to 4¢ apiece and Collins’ holdings are now valued at just $1.5 million.

As the company’s largest investor and a board member, Collins has previously encouraged his congressional colleagues to back the company. Elected officials who have purchased stock based on Collins’ recommendation includes now Health and Human Services Secretary Tom Price, who bought Innate shares in 2015 and 2016 while he was a member of the House

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