Targacept Invited to Testify at Congressional Hearing on Current and Future Breakthrough Research in Alzheimer’s Disease
Winston-Salem, NC
May 14, 2007
Targacept, Inc. (Nasdaq: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics(TM), today announced that J. Donald deBethizy, President and Chief Executive Officer, has accepted an invitation to testify before the Senate Committee on Health, Education, Labor and Pensions (HELP) Subcommittee on Retirement Security and Aging on Tuesday, May 15. Subcommittee Chairman Barbara A. Mikulski (D-MD) and Ranking Member Richard Burr (R-NC) has invited Dr. deBethizy to speak at a hearing on current and future breakthrough research in Alzheimer’s disease. The hearing will begin at 10:00 a.m. ET in Room 628 of the Dirksen Senate Office Building.
“Alzheimer’s disease has impacted the lives of millions of people worldwide and represents an area of enormous unmet medical need,” said Dr. deBethizy. “We welcome the opportunity to contribute to the body of knowledge in this area and help people understand potential treatments for this devastating disease. Alzheimer’s disease is a primary area of focus for us, and we have also conducted significant clinical research in other conditions on the spectrum of cognitive decline, such as age associated memory impairment and mild cognitive impairment.”
Targacept’s lead product candidate is AZD3480 (TC-1734), a novel small molecule in development in collaboration with AstraZeneca Pharmaceuticals as a treatment for Alzheimer’s disease, cognitive deficits in schizophrenia and potentially other conditions characterized by cognitive impairment. AZD3480 (TC-1734) has been evaluated in 12 clinical trials to date, involving a total of about 540 subjects. Targacept currently expects the initiation of two double blind, placebo controlled Phase II trials of AZD3480 (TC-1734) in mid-2007, one in mild-to-moderate Alzheimer’s disease and one in cognitive deficits in schizophrenia. Together, the two trials are expected to enroll approximately 900 patients.
About Targacept
Targacept is a clinical-stage biopharmaceutical company that discovers and develops NNR Therapeutics(TM), a new class of drugs for the treatment of central nervous system diseases and disorders. Targacept's product candidates selectively modulate neuronal nicotinic receptors that serve as key regulators of the nervous system to promote therapeutic effects and limit adverse side effects. Targacept has product candidates in development for Alzheimer's disease and cognitive deficits in schizophrenia, pain, and depression and anxiety disorders, as well as multiple preclinical programs. Targacept is located in Winston-Salem, North Carolina. Targacept’s news releases are available on its website at www.targacept.com.
Forward-Looking Statements
Any statements in this press release about strategies, prospects, plans, expectations or objectives for Targacept, Inc., including, without limitation, statements regarding the progress, timing and scope of the research and development of AZD3480 (TC-1734) and all other statements that are not purely historical in nature, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “promise,” “continue,” “ongoing” and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those expressed or implied by forward-looking statements as a result of various important factors, including risks and uncertainties relating to: the amount and timing of resources that AstraZeneca devotes to the development of AZD3480 (TC-1734); the results of clinical trials and non-clinical studies and assessments with respect to our current and future product candidates in development; the conduct of such trials, studies and assessments, including the performance of third parties that we engage to execute them and difficulties or delays in the completion of patient enrollment or data analysis; and the timing and success of submission, acceptance and approval of regulatory filings. These and other risks and uncertainties are described in greater detail under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings that we make with the Securities and Exchange Commission. As a result of the risks and uncertainties, the results or events indicated by the forward-looking statements may not occur. We caution you not to place undue reliance on any forward-looking statement.
In addition, any forward-looking statements in this release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change. Although we may elect to update these forward-looking statements publicly at some point in the future, whether as a result of new information, future events or otherwise, we specifically disclaim any obligation to do so, except as required by applicable law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.
Contacts:
Alan Musso, VP and CFO
Targacept, Inc.
Tel: (336) 480-2186
Email: alan.musso@targacept.com
Michelle Linn
Linnden Communications
Tel: (508) 419-1555
Email: linnmich@comcast.net
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