Going, going... Trimeris winds down ops

Faced with a patent fight that has frustrated efforts to find a buyer, Trimeris has begun to hand back out $80 million in cash as it winds down its operations. The Trimeris board has authorized returning $50 million to shareholders by the end of the year, and analysts note that all but 10 workers have been let go. Once brimming with potential, Triangle has put its lab up for lease and spun out its R&D work.

"We believe this is consistent with the goal of returning value to investors," said Martin Mattingly, Trimeris' fourth CEO in a year. Analysts told the News & Observer that the recent moves would likely most benefit the company's large institutional investors. Biotech analyst Sharon Seiler said the company should disappear in about a year.

- check out the report from the News & Observer

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