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Trimeris shares face Nasdaq delisting

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Shares of Trimeris face delisting by the Nasdaq because the Durham drug company didn't hold an annual shareholders' meeting in 2009.

The company announced today that has appealed the Nasdaq staff determination, kicking off a hearing process that delays any action for at least several months.

A proposed $81 million takeover of Trimeris fizzled last month after the South Korean acquirer Arigene couldn't raise the money.

Trimeris once was one of the Triangle's most-promising drug-development companies. But its AIDS drug Fuzeon never met lofty expectations, hurt by its high price and other factors.

Trimeris shares rose 1 cent to close at $2.62 today. A delisting would mean that the company's shares would likely shift to the over-the-counter market, a move that can hurt its value as larger investors tend to shun such stocks.

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About the blogger

Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or e-mail him.