There’s “substantial reason to believe” that Rep. Chris Collins (R-NY) broke federal law and congressional rules by sharing insider information to spur investment and by meeting with government researchers to advocate for Innate Immunotherapeutics (ASX:IIL) – an Australian biotech that he’s invested in. The Republican lawmaker recruited a number of investors for the company, including Dr. […]
innateimmunotherapeutics
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 […]
