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news.The share price of biopharmaceutical firm has Trimeris plunged 25% on news that both its chief executive officer and its chief financial officer had both resigned.
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In addition to the management departures, the company announced that its development partnership with Roche for an AIDS drug had been terminated. However, its agreement with the drug giant for the sales, marketing and production of AIDS treatment Fuzeon remains in place.
North Carolina-based Trimeris said that CEO and chief scientific officer Dani Bolognesi will retire from his executive duties at the company. Dr Bolognesi will remain a member of the board until the next annual meeting of Trimeris stockholders, after which he will be a scientific consultant to Trimeris through October, 2008. In addition, Robert Bonczek, chief financial officer and general counsel will retire effective April 30, 2007.
The board has appointed E Lawrence Hill as acting president and CEO. Mr Hill works as president of privately held management consulting company Hickey & Hill Inc.