GOP congressman reportedly loses $17 million in a single day thanks to a bad drug gamble

Chris Collins.
(Image credit: Getty Images)

Stock in an Australian biotech company that was questionably promoted to members of the House by Rep. Chris Collins (R-N.Y.) plummeted from $1.77 a share to just 5 cents on Tuesday, after the company announced its multiple sclerosis drug had failed trials, The Buffalo News reports. "The news is dire for both the company and investors," Australia's Money Morning wrote, as shareholders' hopes had hinged on the promising drug's success.

Collins is the firm's biggest shareholder; he owns about a fifth of the company, Innate Immunotherapeutics, with his two children. He personally lost $17 million Tuesday, Bloomberg reports.

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.