-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P4okXvc9YtaQmLZ4v/4AzrKq379frcVqBqIxdCgsaEtTAi/GTDq7OsnBxDBLx7vV 4xWx/IjN3bIVFAG7bcCv7w== 0001144204-07-042732.txt : 20070814 0001144204-07-042732.hdr.sgml : 20070814 20070814063314 ACCESSION NUMBER: 0001144204-07-042732 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070814 DATE AS OF CHANGE: 20070814 GROUP MEMBERS: ARTHUR COHEN GROUP MEMBERS: HEALTHCOR CAPITAL, L.P. GROUP MEMBERS: HEALTHCOR GROUP, LLC GROUP MEMBERS: HEALTHCOR HYBRID OFFSHORE, LTD. GROUP MEMBERS: HEALTHCOR L.P. GROUP MEMBERS: HEALTHCOR MANAGEMENT, L.P. GROUP MEMBERS: HEALTHCOR OFFSHORE, LTD. GROUP MEMBERS: JOSEPH HEALEY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TRIMERIS INC CENTRAL INDEX KEY: 0000911326 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 561808663 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-52299 FILM NUMBER: 071051183 BUSINESS ADDRESS: STREET 1: 3500 PARAMOUNT PARKWAY CITY: MORRISVILLE STATE: NC ZIP: 27560 BUSINESS PHONE: (919) 419-6050 MAIL ADDRESS: STREET 1: 3500 PARAMOUNT PARKWAY CITY: MORRISVILLE STATE: NC ZIP: 27560 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HealthCor Management, L.P. CENTRAL INDEX KEY: 0001343781 IRS NUMBER: 202893581 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 152 WEST 57TH STREET, 47TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-622-7888 MAIL ADDRESS: STREET 1: 152 WEST 57TH STREET, 47TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 v084648_sc-13da.txt - -------------------------------------------------------------------------------- OMB APPROVAL - -------------------------------------------------------------------------------- OMB Number: 3235-0145 Expires: February 28, 2009 Estimated average burden hours per response....14.5 - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) Trimeris, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $0.001 Par Value Per Share - -------------------------------------------------------------------------------- (Title Class of Securities) 896263100 - -------------------------------------------------------------------------------- (CUSIP Number) HealthCor Management, L.P. Carnegie Hall Tower 152 West 57th Street, 47th Floor New York, New York 10019 Attention: Mr. Steven J. Musumeci (212) 622-7888 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 10, 2007 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sec.Sec.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box |_|. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor Management, L.P. 20-2893581 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 3,340,000 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 3,340,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,340,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.04% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- 2 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor Management, L.P. 20-2893581 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 3,340,000 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 3,340,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,340,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.04% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO-limited company - -------------------------------------------------------------------------------- 3 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor Offshore, Ltd. N/A - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 2,182,895 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 2,182,895 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,182,895 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.83% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO-limited company - -------------------------------------------------------------------------------- 4 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor Hybrid Offshore, Ltd. N/A - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 525,343 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 525,343 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 525,343 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.37% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO-limited company - -------------------------------------------------------------------------------- 5 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor Group, LLC 51-0551771 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 631,762 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 631,762 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 631,762 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.84% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO-limited company - -------------------------------------------------------------------------------- 6 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor L.P. 51-0551770 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 631,762 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 631,762 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 631,762 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.84% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- 7 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON HealthCor Capital, L.P. 20-3240266 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 631,762 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 631,762 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 631,762 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.84% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- 8 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON Arthur Cohen - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 3,340,000 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 3,340,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,340,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.04% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- 9 - -------------------------------------------------------------------------------- CUSIP No. 896263100 - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON 1 S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON Joseph Healey - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY EACH 3,340,000 REPORTING PERSON -------------------------------------------------------- WITH 9 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 3,340,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,340,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.04% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- 10 This Amendment No. 1 to the Schedule 13D filed by HealthCor Management, L.P, HealthCor Associates, LLC, HealthCor Offshore, Ltd., HealthCor Hybrid Offshore, Ltd., HealthCor Group, LLC, HealthCor Capital, L.P., HealthCor, L.P., Joseph Healey and Arthur Cohen (collectively "HealthCor") on August 8, 2007 (as corrected by the amendment filed on August 9, 2007), is being filed to update and supplement the responses to Items 3-5 and 7 therein. Item 1. Security and Issuer No change. Item 2. Identity and Background No change. Item 3. Source and Amount of Funds or Other Consideration The shares of Common Stock of the Issuer acquired in the transactions reported under Item 5(c) below were paid for by cash provided by the HealthCor Funds that are managed by HealthCor Management, L.P., which, in turn, consist of capital contributions from investors in the HealthCor Funds and the capital appreciation thereon. The principal purpose of HealthCor is the buying and selling of securities and interests in domestic and foreign securities, and a variety of equity or equity-related instruments, including, without limitation, swaps, options, futures and forward contracts. The total amount HealthCor has paid for the shares of Common Stock acquired in the transactions reported under Item 5(c) below is $7,994,725 Item 4. Purpose of Transaction HealthCor has attempted to engage in discussions with the Issuer's management concerning alternatives to the current business plan. As the Issuer's management has been non-responsive to date, HealthCor has forwarded a letter to the Issuer's Board of Directors specifying its concerns and recommendations. This letter is attached as an exhibit to this amendment to Schedule 13D. The letter expresses HealthCor's belief that there is significant value inherent in the business of the Issuer that is not currently reflected in the market price of its shares. HealthCor is concerned that, despite having significant revenue streams and a strong liquidity position, the Issuer's current clinical development practices have the effect of severely depressing the value of the company shares. For that reason, HealthCor has expressed its belief to the board of directors that it is time for the company to consider alternatives to the current business plan, including strategic alternatives such as a sale of all or a part of the business in order to maximize shareholder value. At this time, HealthCor may purchase additional shares of Common Stock. Alternatively, it may sell or otherwise dispose of all or a portion of the shares of Common Stock, in public and private transactions and/or may enter into negotiated derivative transactions to hedge the market risk of some or all positions in, or to obtain greater exposure to, the shares of the Common Stock. Any such transactions may be effected at any time or from time to time. Other than as discussed above, HealthCor has no plans or proposals with respect to any of the matters set forth in Item 4(a)-(j) of Schedule 13D. However, HealthCor reserves the right to change its plans and intentions at any time as it deems appropriate with respect to all matters referred to in this Item 4. 11 Item 5. Interest in Securities of the Issuer (a) - (b) Items 7-10 of each of the cover pages of this amendment to Schedule 13D are incorporated by reference herein. As of August 13, 2007, HealthCor beneficially owned in the aggregate 3,340,000 shares of Common Stock which represents approximately 15.04% of the Company's Common Stock based upon 22,204,399 shares of Common Stock of the Company issued and outstanding as of August 1, 2007 as reported in the Company's Quarterly Report on Form 10-Q filed on August 9, 2007. The HealthCor Funds are the beneficial owners of the Common Stock of the Issuer. As the investment manager of each of these funds, HealthCor Management, L.P. may also be deemed to be the beneficial owner of the Common Stock. As the general partner of HealthCor, L.P., HealthCor Capital, L.P., and its general partner, HealthCor Group, LLC, may be deemed the beneficial owners of that portion of the Common Stock beneficially owned by HealthCor, L.P. HealthCor Associates, LLC, the general partner of HealthCor Management, L.P., may also be deemed to be the beneficial owner of the Common Stock. The managers of HealthCor Associates, LLC, Arthur Cohen and Joseph Healey, have both voting and investment power with respect to the Common Stock reported herein, and therefore may also be deemed to be the beneficial owners of such Common Stock. As a result of the foregoing, HealthCor comprises a "group" within the meaning of Section 13(d)(3) of the Exchange Act. HealthCor will not be able to vote certain shares of Common Stock at the Company's annual meeting currently scheduled for August 14, 2007, as those shares were acquired after the record date for the meeting. The filing of this Statement and any future amendment by HealthCor, and the inclusion of information herein or therein with respect to HealthCor Associates, LLC, HealthCor, L.P., HealthCor Offshore, Ltd., HealthCor Hybrid Offshore, Ltd., HealthCor Capital, L.P., HealthCor Group, LLC, and Messrs. Cohen and Healey, shall not be considered an admission that any of such persons, for the purpose of Section 16(b) of the Exchange Act, are the beneficial owners of any shares in which such persons do not have a pecuniary interest. HealthCor Associates, LLC, HealthCor, L.P., HealthCor Offshore, Ltd., HealthCor Hybrid Offshore, Ltd., HealthCor Capital, L.P., HealthCor Group, LLC and Messrs. Cohen and Healey disclaim any beneficial ownership of the shares covered by this Statement. (c) HealthCor has made the following open-market purchases of shares of Common Stock on or after August 9, 2007: Number of Price Per Date Shares Share - ---- ------ ----- 08/09/07 126,500 5.662 08/10/07 935,095 6.409 08/13/07 184,905 6.952 (d) No person, other than HealthCor Management, L.P., has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such shares of Common Stock. (e) Not applicable. 12 Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer No change. Item 7. Material to Be Filed as Exhibits Exhibit 1. Letter sent by HealthCor Management, L.P. to the Board of Directors of Trimeris, Inc. dated August 13, 2007. 13 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: August 14, 2007 HealthCor Management, L.P., for itself HealthCor Associates, LLC and as manager on behalf of (i) HealthCor Offshore, Ltd. and (ii) HealthCor Hybrid Offshore, Ltd. By: /s/Steven J. Musumeci -------------------------- By: HealthCor Associates, LLC, its general Name: Steven J. Musumeci partner Title:Chief Operating Officer By:/s/Steven J. Musumeci ------------------------- Name: Steven J. Musumeci HealthCor Group, LLC Title: Chief Operating Officer By:/s/Steven J. Musumeci ------------------------- HealthCor Capital, L.P., for itself and Name: Steven J. Musumeci as general partner on behalf of Title:Chief Operating Officer HealthCor, L.P. By: HealthCor Group, LLC, its general partner /s/ Joseph Healey ------------------------ Joseph Healey, Individually By: By:/s/Steven J. Musumeci ----------------------------- Name: Steven J. Musumeci /s/ Arthur Cohen Title: Chief Operating Officer ------------------------ Arthur Cohen, Individually 14 EXHIBIT INDEX Exhibit 1. Letter sent by HealthCor Management, L.P. to the Board of Directors of Trimeris, Inc. dated August 13, 2007. 15 EX-1 2 v084648_ex-1.txt Exhibit 1 [HealthCor Logo] August 13, 2007 Trimeris, Inc. 3500 Paramount Parkway Morrisville, NC 27560 Attn: Members of the Board of Directors: Felix J. Baker Julian C. Baker J. Richard Crout, M.D. Stephen R. Davis Barry D. Quart Kevin C. Tang Dear Gentlemen: HealthCor Management, L.P. ("HealthCor") is the investment adviser to private investment funds that currently own 3,340,000 shares of Trimeris, Inc. ("TRMS" or the "Company"). This represents 15.042% of all TRMS common shares outstanding.(1) We have made many attempts to reach Mr. E. Lawrence Hill, Jr., Chief Operating Officer and President of TRMS, but Mr. Hill did not respond to our phone calls or our letter. We are, therefore, writing directly to you. We are concerned because there is significant value inherent in the Company's business that is not reflected in the current valuation, and the true value of TRMS will not be realized given the Company's current plan. From our perspective, the revenue generated by the Company from sales of Fuzeon through its joint venture (the "Joint Venture") with F. Hoffman La Roche Ltd. ("Roche") is an asset that is considerably undervalued by the market as reflected in the Company's share price. We also believe that the Company's plan to continue its clinical development activities for next generation fusion inhibitors will continue to depress the value of TRMS as these efforts are too expensive, lengthy and risky. We think it advisable that the Company cease these clinical development activities and the related expenditures and consider alternatives to its current business plan, including strategic alternatives such as a sale of all or a part of the business in order to maximize shareholder value. Context of Concern _____________________ (1) Based upon 22,204,399 shares of the Company's common stock outstanding as reported in the Company's Form 10-Q for the quarterly period ended June 30, 2007, as filed with the U.S. Securities and Exchange Commission on August 9, 2007. We believe that the market agrees with our assessment. We note that TRMS has been one of the worst performing biotech stocks over the past four years. During this time period, in spite of the fact that the revenues of the Company have steadily increased, the share price has plummeted from $54.57 per share (reached on July 15, 2003) to its current price of $6.65 per share, as of August 10, 2007, a decline of 88%. This decline is in the context of the Amex BTK Index increasing 61% and the Nasdaq increasing 45% during the same time period. In addition, there are five brokerage firms providing analyst coverage of TRMS and not a single one rates the stock as a "Buy." Clearly, some dramatic changes need to be made. This precipitous drop in value of TRMS is unacceptable. The Company has licensed a unique product, Fuzeon, to Roche, one of the world's largest pharmaceutical manufacturing and sales organizations. Worldwide sales of Fuzeon have steadily increased over the past three years from $135 million in 2004 to $208 million in 2005 and to $249 million in 2006. Unit sales (kits of Fuzeon) and pricing have both increased each year over the past three years. As a result, the TRMS share of the Joint Venture profits has advanced from a loss in 2004 to profits of $17 million in 2005, and $34 million in 2006. Further, TRMS enjoys a strong liquidity position with $59 million in cash and cash equivalents and no debt. Over the past three years, Roche has reduced the costs (as a percentage of sales) to manufacture Fuzeon from 60% to 41% to 33%. The shareholders of TRMS should be benefiting from these dramatic cost savings through the Joint Venture. We also note that, per the Joint Venture agreement, the royalty payment from Roche recently increased from 10% to 12% for sales outside of the United States and Canada, setting up further future upside. Additionally, TRMS is entitled to another $5 million milestone payment from Roche based on the achievement of a sales milestone. The barriers to entry into the Fuzeon market are formidable. Fuzeon is one of the most complicated biologics to manufacture, with over 100 steps in the manufacturing process. As we understand, in excess of $350 million has been invested in the development of Fuzeon since TRMS inception. For these reasons, we believe it is unlikely that a generic manufacturer will ever compete against Fuzeon. Additionally, the next generation HIV treatments have not rendered Fuzeon obsolete as witnessed by the following launches: March 15, 2003 Fuzeon approved July 2, 2003 Emtriva approved August 2, 2004 Epzicom (abacavir/lamivudine) and Truvada (tenofovir disoproxil/emtricitabine) approved June 22, 2005 Aptivus (tipranavir) granted accelerated approval June 23, 2006 Prezista (darunavir) granted accelerated approval July 12, 2006 Atripla Tablets (Sustiva, Emtriva, Viread) approved In spite of these positive trends and results, the Company's has bogged itself down with the costly development of next generation fusion inhibitors. This position flies in the face of Roche's decision in March 2007 to terminate its co-development rights, which means that TRMS shareholders will bear all of the development costs. Consequently, the Company will be forced to spend hundreds of millions of dollars to test and develop these drugs, which have not even started human clinical trials. We are absolutely AGAINST this decision as it all but eliminates the growth prospects for the Company. On the other hand, we recognize that there is value in the next generation fusion inhibitors that are owned by the Company. We believe, however, that Company should cease all research and development activities and work to maximize the value of this asset as part of an overall strategic assessment of the Company. Conclusion In our view, the composition of the shareholder base of TRMS has evolved from biotech speculators to financial investors, like ourselves, who are focused on realizing maximum value from their investment. We estimate that between now and the end of 2017, TRMS will generate more than $300 million in revenue from its royalty stream from its relationship with Roche. When combined with the $330 million in tax loss carry-forwards, this revenue can and should generate significant untaxed free cash flow. We are concerned that this cash flow will be consumed by expensive, lengthy and risky clinical development activities. We also believe that it is time to consider alternatives to the current business plan, including strategic alternatives such as a sale of all or a part of the business in order to maximize shareholder value. We are happy to meet with you at your earliest convenience to discuss our views. Sincerely, HealthCor Management, L.P. By: HealthCor Associates, LLC, its general partner /s/ Joseph P. Healey /s/ Arthur B. Cohen ---------------------- ----------------------- By: Joseph P. Healey By: Arthur B. Cohen Co-Chief Executive Officer Co-Chief Executive Officer Portfolio Manager Portfolio Manager (212) 622-7880 (212) 622-7881 -----END PRIVACY-ENHANCED MESSAGE-----