Innate Immunotherapeutics stock, the Australian biotech firm that Rep. Chris Collins touted to other members of the House and to leading Buffalo-area figures valued as high as $1.77 a share in January, quickly fell to 5 cents a share at the close of trading on the Australian Stock Exchange Tuesday.

Collins told The Buffalo News Tuesday morning that he did not sell any of his shares in Innate before its price collapsed.
Statnews, a business news website, calculated that the Innate stock Collins still owns — which was worth $45.5 million at its peak — is now worth only $1.5 million. However, it is unclear how much money Collins invested in the company over the 15 years he has been involved with it.

The stock sell-off began Friday, two days after Innate announced in a press release it had been cleared to begin clinical trials on the drug in the United States.

Innate Immunotherapeutics Limited (ASX Code: IIL) today announced that its Phase 2B randomised, double-blind, placebo-controlled trial of the efficacy and safety of MIS416 in the treatment of subjects with secondary progressive multiple sclerosis (SPMS) did not show clinically meaningful or statistically significant differences in measures of neuromuscular function or patient reported outcomes.