Innate Immunotherapeutics Ltd [ASX:IIL] is a relatively small biotech company. Months ago, IIL found itself splashed all over newsfeeds because of its ownership structure.
US Congressman Christopher Collins, the company’s largest stockholder, is also pretty chummy with President Trump. He was the first lawmaker to endorse Trump’s presidential bid. Trump even designated Collins to be the White House transition team’s congressional liaison.
Today, IIL fell 4.4%, to a low of 75.5 cents. The stock is down more than 29% year-to-date.
What happened to Innate Immunotherapeutics?
This morning, IIL announced that they had raised $2 million in capital from private investors. The fund will contribute to working capital as the company is about to release Phase 2B trial results in Q3 this year.
What now for IIL?
The results for trials of IIL’s MIS416 drug, if positive, could boost the stock price. The company is currently lossmaking. If they can’t get their lead drug off the ground, it will likely continue to struggle.
Junior Analyst, Money Morning
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Small-cap specialist Sam Volkering has been on the other end of small-caps running up 1,000% or more.
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