House Republicans backed this biotech — and lost big. Its stock is now worth 4 cents a share

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, 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.