Synageva BioPharma (GEVA)

[surf1944]

Trimeris Announces 2008 Strategic Plan
Monday December 10, 4:00 pm ET
-- The Strategic Plan is Designed to Maximize Cash Flows from FUZEON(R), While Also Advancing TRI-1144 to a Value-Creating Milestone
-- Research and Development Functions to be Eliminated

MORRISVILLE, N.C.--(BUSINESS WIRE)--Trimeris, Inc. (NASDAQ: TRMS - News) today announced its strategic plan for 2008 that is designed to maximize cash flows from FUZEON while also advancing TRI-1144 to a value-creating milestone.

The Company plans to file an Investigational New Drug application (“IND”) for TRI-1144, the Company’s next-generation fusion inhibitor, as well as plans to initiate and complete a single ascending dose (SAD) Phase I clinical trial for TRI-1144 in the first half of the year.

In connection with the 2008 plan, Trimeris has immediately implemented a program to reduce the Company’s workforce. Following the completion of the Phase I SAD study for TRI-1144, the Company expects that it will no longer staff any research or development functions. As a result, total operating expenses, excluding restructuring costs, are expected to be in the range of $10.0 million to $14.0 million in 2008, down from approximately $21.0 to $23.0 million in 2007.

"While market conditions and the significant risks involved in research and development have required the company to shift strategic direction, Trimeris still possesses significant financial assets that include substantial cash and revenue streams from the sale of FUZEON in collaboration with Roche,” said Martin Mattingly, Chief Executive Officer of Trimeris.

“In addition, we believe that TRI-1144 has the potential to be a valuable product for the treatment of HIV. We look forward to generating human data by filing an IND in the first quarter of 2008 followed shortly by a Phase I clinical trial. During this transition period we will evaluate a full range of options for maximizing shareholder value, including strategic transactions
http://biz.yahoo.com/bw/071210/20071210006073.html?.v=1