Trimeris (Nasdaq: TRMS) gave in to demands from its largest shareholders for two board seats on Friday.
After the markets closed, Trimeris said Arthur Cohen and Joseph Healy of HealthCor Management had been named to the board. Both are founders at HealthCor, which is the largest holder of Trimeries stock.
HealthCor has been pressing Trimeris for months to cease research and development efforts and sell the company.
According to its Web site, Trimeris already had five members on its board.
Trimeris, which makes the HIV drug Fuzeon, has gone through several management changes and a restructuring and has ceased research and discovery efforts. However, Trimeris does want to pursue continued development of another AIDS drug candidate, according to a strategic plan announced in December. Trimeris also named Martin Mattingly as its chief executive officer in November.
Last week, Trimeris reported that sales of Fuzeon dropped 9 percent in the fourth quarter of 2007 from the same period a year earlier. Sales dipped to $66.5 million in the quarter, down from $73.9 million in the previous three months. A sharp drop of 25 percent in the U.S. and Canadian market to $31.5 million offset a 13 percent increase for international sales to $35 million.
For the year, Fuzeon sales increased 7 percent to $266.8 million from $249 million in 2006.
In a letter to Trimeris management disclosed earlier this week, HealthCor said it preferred that Trimeris find a buyer. HealthCor added that it had been unable to reach Trimeris board member Julian Baker.