DRAIN THE SWAMP? Rep. Chris Collins Broke Promise to Divest From Foreign Pharmaceutical Company
Source: The Daily Beast
Innate Immunotherapeutics got FDA approval to test its drug in the U.S. Yet a top investor and congressman remains invested.
JUSTIN GLAWE
07.05.17 1:00 AM ET
Rep. Chris Collins said he would be divested of his interest in a foreign pharmaceutical company by the time it arrived in the U.S.
It has. And he’s not.
The FDA last month approved a multiple sclerosis drug made by Innate Immunotherapeutics for clinical trials here. Collins, a Republican from New York, told The Buffalo News last week that he remains an investor.
That wasn’t the case months ago, when Collins told a reporter with the Rochester Democrat and Chronicle that by the time Innate reached the FDA-test stage, he’d “be out of it then.”
Collins owns nearly 17 percent of the company and is a member of its board. His two children, chief of staff, several campaign donors, and five fellow Republican lawmakers are also invested. Collins participated in Innate’s initial public offering in Australia and bought more stock after he pushed a bill that could help the company. His dealings with Innate have put him under investigation by the Office of Government Ethics, though he has repeatedly denied any wrongdoing. (Collins’ office did not respond to requests for comment for this story.)
Read more: http://www.thedailybeast.com/rep-chris-collins-broke-promise-to-divest-from-foreign-pharmaceutical-company
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