How a key Donald Trump backer lost $22m overnight on an Australian drug company

US congressman Chris Collins has backed two horses in the past 18 months: Donald Trump, and an obscure Australian biotech firm called Innate Immunotherapeutics. Trump turned out to be a winner – Innate has been just the opposite.

On Tuesday, the Sydney-based company announced its lone, promising asset – a multiple sclerosis drug known as MIS416 – had bombed its clinical trial, having shown no meaningful difference to the placebo. Its value plunged 92 per cent.

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