The Innate Immunotherapeutics Ltd (ASX: IIL) share price has fallen 91% to $0.059 after the company released negative results to its Phase 2b trials this morning.
With its MIS416 treatment for multiple sclerosis found today to be no better than a placebo, the $144 million company looked vastly overvalued with a failed treatment and $6 million cash in the bank.
Curiously from the Google chart it also looks as though the sell-off began on Friday a few minutes before the company hurriedly entered trading halt. The announcement was only this morning which suggests that somebody with knowledge of the results was front-running the announcement. That's something I'd hope the regulator will be looking closer at.
Either way Innate Therapeutics looks extremely risky and I would avoid it at all costs.
