Stock Collins bought and touted collapses after drug trial failure
WASHINGTON Shares of the Australian biotech firm that Rep. Chris Collins touted to other members of the House and to leading Buffalo-area figures collapsed in value Tuesday after the company announced its once-promising new drug for multiple sclerosis had failed in clinical trials.
Innate Immunotherapeutics stock, valued as high as $1.77 a share in January, quickly fell to 5 cents a share at the close of trading on the Australian Stock Exchange.
Analysts in Australia said prospects for the company's future appears grim.
Innate's stock "looks extremely risky and I would avoid it at all costs," Sean O'Neill, an analyst at the Motley Fool website, wrote Tuesday morning.
http://buffalonews.com/2017/06/27/value-stock-collins-lawmakers-bought-loses-value/
Adam Khan Retweeted Scott Wong
Congressman who pitched failed Australian drug lost $16+ million.
@RepChrisCollins also raised more money from PACs than from individuals