-- 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)--Dec. 10, 2007--Trimeris, Inc.
(NASDAQ: TRMS) 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."
About Trimeris, Inc.
Trimeris, Inc. (Nasdaq: TRMS) is a biopharmaceutical company
engaged in the development and commercialization of novel therapeutic
agents for the treatment of viral disease. The core technology
platform of fusion inhibition is based on blocking viral entry into
host cells. FUZEON, approved in the U.S., Canada and European Union,
is the first in a new class of anti-HIV drugs called fusion
inhibitors. For more information about Trimeris, please visit the
Company's website at http://www.trimeris.com.
Trimeris Safe Harbor Statement
This document and any attachments may contain forward-looking
information about the Company's financial results and business
prospects that involve substantial risks and uncertainties. These
statements can be identified by the fact that they use words such as
"expect," "project," "intend," "plan," "believe" and other words and
terms of similar meaning. Among the factors that could cause actual
results to differ materially are the following: there is uncertainty
regarding the success of research and development activities,
regulatory authorizations and product commercializations; we are
dependent on third parties for the sale, marketing and distribution of
our drug candidates; the market for HIV therapeutics is very
competitive with regular new product entries that could affect the
sales of our products; the results of our previous clinical trials are
not necessarily indicative of future clinical trials; and our drug
candidates are based upon novel technology, are difficult and
expensive to manufacture and may cause unexpected side effects. For a
detailed description of these factors, see Trimeris' Form 10-K filed
with the Securities and Exchange Commission on March 16, 2007 and its
periodic reports filed with the SEC.
CONTACT: Trimeris, Inc.
Andrew Graham, 919-419-6050
Director of Finance
SOURCE: Trimeris, Inc.
