For years, Rep. Chris Collins has been an evangelist for Innate Immunotherapeutics, talking up the small Australian biotech company and enticing friends and congressional colleagues to buy its shares.
They might now regret listening.
Innate’s lead drug, an investigational treatment for multiple sclerosis, failed in a 93-patient trial, demonstrating no benefit over placebo on an array of measures. And Innate’s share price, propped up by the promise of its sole asset, promptly fell by more than 90 percent on Tuesday morning, to 4 cents a share.
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Aussies are not the brightest bulbs in the world when it comes to Biomedical Science I lived there long period and traveled there 8 times. That is the worst investment anyone could invest in. Better to invest in cattle over 400 million in Australia!!!!!! Not Biomed!!
Stupid people lost their money they deserve to!
Insider trading?
Said it before. And good thing they are “sophisticated” investors, including an outstanding professional like the Health and Human Services Secretary!
– the board of directors doesn’t have any actual scientist in it
– the CSO has pretty much a non existent publication record, other than a few articles associated with the “drug”
– there is only one published paper on the effects of the “drug” in a mouse model of MS. A model that most likely has very little relevance with the actual MS disease
– the “drug” is simply dead, lipid stripped, acne causing bacteria. So the “basic” science is pretty much using bacteria to dampen the autoimmune response against myelin. Not exactly novel cutting edge science, but a well known matter. In the very unlikely event, that the “drug” should actually show therapeutic effect, you can do it at your home. All you need is a teenager with acne! But probably any bacteria will do.