The stock price of Trimeris collapsed Friday following the company's announcement that both its chief executive officer and chief financial officer have tendered their resignations.
The company said late Thursday afternoon that co-founder and CEO Dani Bolognesi, who also acts as chief scientific officer, would resign today. He will stay on as a "scientific consultant" to Trimeris through October 2008. Robert Bonczek, CFO and general counsel, plans to step down on April 30.
Trimeris officials did not cite a reason for the departure of either Bolognesi or Bonczek.
The company has named E. Lawrence Hill Jr. acting president and chief operating officer. Hill currently is president of Hickey & Hill Inc., a management services firm, and formerly served as CEO of Deltagen Inc. from 2003 through 2005.
Shares of Trimeris were down almost 22 percent to $7.86 in early trading Friday.
Thursday's announcement came on the heels of a difficult year for Trimeris, whose HIV drug Fuzeon has failed to reach expectations. The company announced in December plans to slash 25 percent of its work force.
Also Thursday, the company released 2006 fourth quarter and full-year financial results above Wall Street expectations.
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