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Chris Collins leaves a New York court. Photo: Spencer Platt/Getty Images

One Australian drug company — with only one (failed) product in one (failed) clinical trial — just keeps tripping up current and former House Republicans.

Driving the news: Federal prosecutors in New York indicted Rep. Chris Collins yesterday on charges of insider trading, stemming from the sale of shares in a company called Innate Immunotherapeutics.

It's the same company you may remember from Tom Price's confirmation as Health and Human Services secretary. He tripled his investment when divesting of the stock to become secretary, according to the Wall Street Journal.

  • Collins had been an investor in the company for 15 years, the WSJ reports, and was a member of its board.
  • Price bought almost 500,000 shares in the company, most of them in 2016, at a discounted rate only offered to a few Americans. At least four other GOP lawmakers also bought shares of Innate a few months later, according to the watchdog group CREW.
  • Of those six lawmakers, four — Collins, Price, and Reps. Billy Long and Markwayne Mullin — sat on committees with direct health care jurisdiction.

The company did not have any FDA-approved drugs on the market, and had just one product in development at the time the members of Congress bought their stock. It was in the midst of clinical trials for a multiple sclerosis drug.

  • That trial was deemed a failure on June 22, 2017. According to the indictment, the company let Collins know, because he was a board member. From an event on the South Lawn of the White House, he wrote back: “Wow. Makes no sense. How are these results even possible???”
  • "Within about fifteen seconds of sending his email," the indictment says, Collins started calling his son, who — along with his girlfriend and her family — quickly unloaded their Innate shares.

Why it matters: An indictment on charges of insider trading, with a pharmaceutical company, while writing the laws for pharmaceutical companies, is not the look Republicans would have wanted heading into what's already a difficult midterm election.

  • The indictment, and other lawmakers' stock ownership, also raise substantive questions about whether Congress has strong enough protections in place to prevent members from profiting off information they possess or votes they cast.

— An earlier version of this story misstated the drug Innnate Inmunotherapeutics was testing. It was a drug for multiple sclerosis.

Go deeper

Dems' immigration plan hits major roadblock

Senate Majority Leader Sen. Chuck Schumer. Photo: Alex Wong/Getty Images

The Senate parliamentarian ruled Sunday that Democrats cannot include pathways to citizenship in the $3.5 trillion budget reconciliation package, per a copy of the ruling obtained by Axios.

Why it matters: It's a blow to Democrats who hoped to provide pathways for millions of undocumented immigrants in the U.S. Using reconciliations would have allowed them to pass politically contentious immigration changes with only 50 votes, as opposed to the usual 60 required.

FBI says human remains found in Wyoming likely Gabby Petito

Gabby Petito. Photo: FBI

Human remains found in Teton County, Wyoming, are "consistent with the description of" missing 22-year-old Gabby Petito, said FBI Denver official Charles Jones at a news conference Sunday.

Details: The cause of death had yet to be determined, but Jones said: "Full forensic identification has not been completed to confirm 100% that we found Gabby, but her family has been notified of this discovery." Authorities said they're continuing the search for her fiancé, Brian Laundrie.

6 hours ago - Politics & Policy

Beto not even best Dem against Abbott

Beto O'Rourke speaks at a rally at the Texas State Capitol in June. Photo: Sergio Flores/Getty Images

Actor Matthew McConaughey’s nine-point lead in a theoretical matchup against Greg Abbott shows just how vulnerable the hard-right Texas governor could be in a general election.

Why it matters: Abbott has won conservative accolades for his abortion, mask and vaccine bans. Axios reported Sunday that former Rep. Beto O’Rourke is preparing to announce a gubernatorial challenge — but a recent poll shows he’s not even the most popular Democrat in the state.