Trimeris, its share price gutted following a management shakeup and the ending of its drug-development partnership with pharmaceutical giant Roche, is planning to lay off more of its work force.
In a filing with the Securities and Exchange Commission disclosed on Friday, Trimeris (Nasdaq: TRMS) said it had “implemented a reduction in force to better align its work force with its current needs.”
An undisclosed number of workers and a “number of the company’s responsibilities” for the HIV drug Fuzeon would be transferred to Roche, Trimeris said. Trimeris and Roche partnered to develop and commercialize Fuzeon.
Trimeris estimated the costs of the transfer, severance and terminations at $1.1 million.
The company reduced its work force by 25 percent in the fourth quarter of last year.
Trimeris shares closed Friday at $6.88. Its stock is down more than 30 percent since the management changes and the ending of a deal with Roche to develop a next-generation HIV drug.
Larry Hill, Jr. took over as president and chief operating officer of Trimeris on March 15 as part of a management shakeup. The changes included the requested retirements of company co-founder and Chief Executive Officer Dani Bolognesi and Chief Financial Officer Robert Bonczek.
