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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