Rep. Collins indicted with insider trading in biotech shares

A grand jury charged Rep. Christopher Collins (R-N.Y.) Wednesday with insider trading in shares of Australian biotech Innate Immunotherapeutics Ltd. (ASX:IIL) by alerting family members of a clinical trial failure before the results were made public.

According to the indictment filed with the U.S. District Court for the Southern District of New York, Collins was a member of Innate's board and held about 16.8% of the company's stock at the time of the alleged offense. On June 22, 2017, Innate's CEO sent an email alerting board members that the company's sole candidate, MIS416, had failed in a Phase II trial to treat multiple sclerosis, four days before the results became public. Collins sent a reply email saying, "Wow. Makes no sense. How are these results even possible???"...