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Trimeris Reports Financial Results For The Third Quarter 2010

Trimeris, Inc., (Nasdaq: TRMS) or the “Company,” today announced financial results for the quarter ended September 30, 2010, reporting net income of $16.5 million, or $0.74 per share compared with $1.6 million, or $0.07 per share for the quarter ended September 30, 2009. Comparisons of net income between the quarters ended September 30, 2010 and September 30, 2009 are affected by several items detailed in the section below entitled “Adjusted (Non-GAAP) Financial Information.” Excluding these items, the Company would have reported adjusted net income of $2.1 million or $0.10 per share in the third quarter of 2010.

For the nine months ended September 30, 2010, the Company reported net income of $18.8 million, or $0.84 per share, compared with $5.1 million, or $0.23 per share for the nine months ended September 30, 2009. Comparisons of net income between the periods are affected by several items detailed in the section below entitled “Adjusted (Non-GAAP) Financial Information.” Excluding these items, the Company would have reported adjusted net income of $2.4 million, or $0.11 per share for the nine months ended September 30, 2010, compared with $4.5 million, or $0.20 per share for the nine months ended September 30, 2009.

Collaboration income for the quarter ended September 30, 2010 was $20.0 million compared with $1.7 million for the quarter ended September 30, 2009. This increase was primarily driven by the Company’s agreement with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (“Roche”) in September 2010 (see “Deferred Marketing Expenses” discussion below), which relieved Trimeris of any obligation to repay certain deferred marketing expenses to Roche in the amount of $18.7 million and a decrease in selling and marketing expenses offset, in part, by payments under the settlement agreement with Novartis, and a decrease in net sales of FUZEON in the U.S. and Canada. Net sales of FUZEON in the U.S. and Canada for the third quarter of 2010 were $9.0 million, down 14 percent from $10.4 million in the third quarter of 2009.

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