This column was originally published on RealMoney on Oct. 28 at 2:59 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.Trimeris ( TRMS) was founded in 1993 with the goal of developing a novel treatment for HIV. Designed to inhibit the virus' fusion to cells, and thus its ability to enter and infect new cells, the drug Fuzeon appeared to have the potential to be a powerful new weapon in the HIV drug armamentarium. Roche saw the drug's promise and in 1999 signed an agreement whereby it would share development and profits in the U.S. and Canada with Trimeris, and Roche would conduct development in the rest of world and pay Trimeris a royalty on sales. The FDA approved Fuzeon in March 2003 on strong clinical data in HIV patients who had developed resistance to other drugs. Trimeris sported nearly a $900 million market cap upon approval and it seemed deserved considering it shared the profits of a drug that could have annual sales in the hundreds of millions of dollars in North America and would receive close to a 10% royalty on sales outside North America. Unfortunately, the drug's high price and cumbersome delivery method led to lower sales than expected. Since hitting an all-time high north of $53 in June 2003, Trimeris shares have dropped precipitously, trading below $12.50 this week. Nonetheless, there have been some signs of life recently. Fuzeon has slowly and surely gained market share, and though Trimeris itself is still unprofitable, the Roche/Trimeris joint venture has made money for two quarters and the international royalties from Roche should exceed $12 million in 2006. On top of this, a fellow hedgie and member of the Trimeris board of directors, Kevin Tang of Tang Capital Management, bought nearly 200,000 shares in September 2005. The disclosure sent the shares up nearly $4 over the course of September, but nearly 2 million more shares were sold short in the hoopla from September to October.