Sen. Rand PaulRandal (Rand) Howard PaulDemocrats fret as longshot candidates pull money, attention Journalist Dave Levinthal discusses 'uptick' in congressional stock trade violations McConnell vows GOP won't help raise debt ceiling in December after Schumer 'tantrum' MORE (R-Ky.) disclosed on Wednesday that his wife purchased stock in Gilead Sciences, a company that manufactures a COVID-19 treatment, in February 2020, when information regarding the coronavirus was just beginning to come to light.
The revelation came in a disclosure from the senator’s office, filed 16 months after the 45-day deadline imposed by the Stock Act, which is meant to prevent insider trading, The Washington Post reported.
The senator's wife, Kelley Paul, an author and former communications consultant, reportedly invested between $1,000 and $15,000 in Gilead Sciences with her own funds.
That company produces the antiviral drug remdesivir, which former President TrumpDonald TrumpTrump criticizes Justice for restoring McCabe's benefits Biden: Those who defy Jan. 6 subpoenas should be prosecuted Hillicon Valley — Presented by LookingGlass — Hackers are making big money MORE was given when he tested positive for COVID-19 in October.
Kelsey Cooper, Rand Paul’s communications director, told The Hill in a statement that the senator realized that the form disclosing his wife’s investment was not transmitted properly when he was preparing to file his annual paperwork for last year.
She said he “promptly” notified the filing office and asked for his guidance. The Kentucky Republican ultimately filed both reports today.
She also noted that Kelley Paul made the investment “using her own earnings,” adding that it was “an investment which she has lost money on.”
The Food and Drug Administration (FDA) granted remdesivir emergency use authorization in May after the drug showed promising results during a clinical trial. In October, the FDA gave the treatment full approval.
The agency, however, reversed its move later that month, recommending against the drug being used as a treatment to fight COVID-19 after a World Health Organization-sponsored study raised concerns about its effectiveness, according to the Post.
Gilead reportedly made $2.8 billion on the drug.
The drug, however, was recognized on Feb. 24, 2020, when the assistant director-general of the World Health Organization said it was the only known drug that “may have real efficacy” at treating the virus, the Post reported.
That announcement was reportedly two days before Kelley Paul bought stock in Gilead.
On Feb. 25, the National Institutes of Health announced that it would begin a clinical trial for the drug.
Cooper told the Post that Rand Paul did not attend any briefings that focused on COVID-19. Eight days after his wife made her investment in Gilead, he was the only senator to vote against an $8.3 billion emergency coronavirus bill.
Rand Paul, an ophthalmologist, was the first senator to test positive for COVID-19 in March 2020. He has repeatedly battled with White House adviser Anthony FauciAnthony FauciFDA advisory panel scheduled to discuss Merck COVID-19 antiviral pill Feehery: Build back bipartisan Overnight Health Care — Presented by The National Council on Mental Wellbeing — Merck asks FDA to authorize five-day COVID-19 treatment MORE on various topics relating to COVID-19, including mask wearing and pinpointing the origins of the virus.