January 31st, 2002 ONLINE NEWS |
Pharmaceutical Firm Will Use Money For Clinical Development Of HIV and Respiratory Therapy Drugs In Its Pipeline FROM A PRESS RELEASE The Triangle TechJournal: January 31st, 2002 www.triangletechjournal.com DURHAM - Trimeris (Nasdaq: TRMS) announced that it has entered into definitive purchase agreements to sell approximately 1.27 million shares of newly issued common stock. The private placement is expected to raise net proceeds of approximately $41 million. Completion of the private placement is subject to customary closing conditions. Net proceeds from the private placement are expected to be used to fund the clinical development of Trimeris' product candidates, T-20 and T-1249, to fund increased research and development, to provide working capital and for general corporate purposes. According to the firm, they currently have three major HIV therapy drugs that are in their pipeline and a respiratory virus drug as well. The core technology platform is based on blocking viral reproduction by inhibiting the viral-host cell fusion process. About The Trimeris Founders Trimeris was launched out of Duke University by Thomas J. Matthews, Ph.D. and Dani P. Bolognesi, Ph.D. While at Duke, Dr. Bolognesi and his research team contributed to the discovery of AZTthe first anti-HIV drug, identified the HIV protein targeted by fusion inhibitor drugs, and established a central laboratory that supported all HIV vaccine clinical trials sponsored by the National Institutes of Health. From 1984 through 1999, Dr. Matthews held several positions at the Duke University Center for AIDS Research, most recently Associate Professor of Experimental Surgery. His research group identified T-20 and related compounds as inhibitors of HIV fusion and viral entry. Dr. Matthews is the author or co-author of over 100 publications in virology. Company History As colleagues working in the laboratories of Duke University Medical Center, Dr. Bolognesi and Dr. Matthews spent years leading research teams in the study of the HIV virus. In the early 1990's while researching potential HIV vaccines, Drs. Bolognesi and Matthews made a discovery -- a molecule derived from a portion of the HIV virus itself was capable of blocking viral reproduction. This molecule, T-20, inhibited the process of viral fusion and offered the potential to become a new drug in the fight against AIDS. In 1993, Drs. Bolognesi and Matthews formed Trimeris with the vision of creating a biopharmaceutical company based on fusion inhibitor technology. Financial Info Trimeris is a publicly traded company on NASDAQ exchange. Currently, the firm has a market capitalization of around $620 million with a stock price of $35.64 (as of Jan. 31). According to filings, their net loss for last year was around $56 million. The firm still has around $90 million in cash on hand as reported on January 30th. TTJ |
Copyright 2002 by The TriangleTechJournal -- No part of this website may be copied, reprinted, or reused without express permission of The Triangle TechJournal. |
Pharmaceutical Firm Will Use Money For Clinical Development Of HIV and Respiratory Therapy Drugs In Its Pipeline FROM A PRESS RELEASE The Triangle TechJournal: January 31st, 2002 www.triangletechjournal.com DURHAM - Trimeris (Nasdaq: TRMS) announced that it has entered into definitive purchase agreements to sell approximately 1.27 million shares of newly issued common stock. The private placement is expected to raise net proceeds of approximately $41 million. Completion of the private placement is subject to customary closing conditions. Net proceeds from the private placement are expected to be used to fund the clinical development of Trimeris' product candidates, T-20 and T-1249, to fund increased research and development, to provide working capital and for general corporate purposes. According to the firm, they currently have three major HIV therapy drugs that are in their pipeline and a respiratory virus drug as well. The core technology platform is based on blocking viral reproduction by inhibiting the viral-host cell fusion process. About The Trimeris Founders Trimeris was launched out of Duke University by Thomas J. Matthews, Ph.D. and Dani P. Bolognesi, Ph.D. While at Duke, Dr. Bolognesi and his research team contributed to the discovery of AZTthe first anti-HIV drug, identified the HIV protein targeted by fusion inhibitor drugs, and established a central laboratory that supported all HIV vaccine clinical trials sponsored by the National Institutes of Health. From 1984 through 1999, Dr. Matthews held several positions at the Duke University Center for AIDS Research, most recently Associate Professor of Experimental Surgery. His research group identified T-20 and related compounds as inhibitors of HIV fusion and viral entry. Dr. Matthews is the author or co-author of over 100 publications in virology. Company History As colleagues working in the laboratories of Duke University Medical Center, Dr. Bolognesi and Dr. Matthews spent years leading research teams in the study of the HIV virus. In the early 1990's while researching potential HIV vaccines, Drs. Bolognesi and Matthews made a discovery -- a molecule derived from a portion of the HIV virus itself was capable of blocking viral reproduction. This molecule, T-20, inhibited the process of viral fusion and offered the potential to become a new drug in the fight against AIDS. In 1993, Drs. Bolognesi and Matthews formed Trimeris with the vision of creating a biopharmaceutical company based on fusion inhibitor technology. Financial Info Trimeris is a publicly traded company on NASDAQ exchange. Currently, the firm has a market capitalization of around $620 million with a stock price of $35.64 (as of Jan. 31). According to filings, their net loss for last year was around $56 million. The firm still has around $90 million in cash on hand as reported on January 30th. TTJ |
January 31st, 2002 ONLINE NEWS |
Website Sponsor |
Trimeris Announces Sale Of Additional $41 Million Of Common Stock |