The axe is dropping on Trimeris' R&D operations. The North Carolina biotech says it will eliminate R&D next year, once an early-stage trial for its experimental HIV drug is completed in the first half of the year. R&D staffers have been advancing TRI-1144, the company's new fusion inhibitor. The move is expected to cut its costs from the $21 million to $23 million mark in 2007 down to $10 million to $14 million.
"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 Trimeris Chief Executive Martin Mattingly.
- check out the release from Trimeris
- here's the AP report for more info