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.