Western New York Congressman Chris Collins’ investments in an Australian biotech firm became a focus of the Senate hearings into President-elect Trump’s pick to head the Department of Health and Human Services.
Democrats pressed Congressman Tom Price about reports that he bought shares in a medical device company before he and Congressman Collins pushed legislation that helped the company. The Georgia Republican denied any wrongdoing and said he first learned of the company from Congressman Collins, but did not decide to invest based on his urging.
Congressman Collins’ office says the Buffalo-area Republican likewise abided by the law and all ethical guidelines.
Collins is the major shareholder of Innate Immunotherapeutics. The Buffalo News says he bought four million shares in August, and two days later Congressman Price invested more than $100,000 in the company.The stock price has nearly tripled since then. The good government group Public Citizen is asking the Securities and Exchange Commission to investigate if either man received insider information before investing.
Collins’ staff says Innate Immunotherapeutics has never had a product in front of U.S. regulators.