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Data to be Presented on Multiple Targacept NNR Therapeutics at Society for Neuroscience Satellite Symposium

WINSTON-SALEM, N.C

September 10, 2009

Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics™, today confirmed plans to present data from its completed Phase 2b clinical trial of TC-5214 as an augmentation treatment for major depressive disorder at the Nicotinic Acetylcholine Receptors as Therapeutic Targets Symposium (nAChR2009) in Lincolnshire, Illinois on October 15, 2009. Additionally, Targacept announced that data regarding AZD3480 (TC-1734) and TC-5619 are also scheduled to be presented at nAChR2009.

nAChR2009 is a satellite meeting of the 39^th annual meeting of the Society for Neuroscience. The full agenda and registration information for nAChR2009 can be found at https://www.cmpinc.net/nicotinic/home.html.

The scheduled presentations include:

• Title: “From MCI to ADHD: Targeting nAChRs for cognitive/attention disorders”
  Presenter: Paul Newhouse, University of Vermont College of Medicine
  Date/Time: October 15, 2009, 10:30 – 11:00 a.m. CDT
  
  Dr. Newhouse was co-Principal Investigator for the completed Phase 2 clinical study of AZD3480 in adults with attention deficit/hyperactivity disorder. Targacept announced positive top-line results from the study earlier this year.
  
  

• Title: “Clinical Update: AZD3480 / TC-1734”
  Presenter: Edwin C. Johnson, Ph.D., AstraZeneca
  Date/Time: October 15, 2009, 11:30 a.m. – 12:00 noon CDT
  
  

• Title: “TC-5619: An α7 nAChR selective agonist with efficacy in animal models of positive and negative symptoms, and cognitive dysfunction of schizophrenia”
  Presenter: Patrick M. Lippiello, Ph.D., Targacept, Inc.
  Date/Time: October 15, 2009, 2:00 –2:30 p.m. CDT
  
  

• Title: “Positive effects of the nicotinic channel blocker TC-5214 as augmentation treatment in patients with major depressive disorder who are inadequate responders to a first-line SSRI”
  Presenter: Geoffrey C. Dunbar, M.D., Targacept, Inc.
  Date/Time: October 15, 2009, 5:00 – 5:30 p.m. CDT
  
  

About Targacept

Targacept is a clinical-stage biopharmaceutical company that discovers and develops NNR Therapeutics™, 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 clinical-stage product candidates in development for major depressive disorder, attention deficit/hyperactivity disorder, Alzheimer's disease and cognitive dysfunction in schizophrenia, as well as multiple preclinical programs. Targacept also has a cognition-focused collaboration with AstraZeneca and a strategic alliance with GlaxoSmithKline. Targacept’s news releases are available on its website at www.targacept.com.

Forward-Looking Statements

Statements in this press release that are not purely historical in nature constitute “forward-looking statements” made under the provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the timing or subject matter of presentations to be made at nAChR2009 or Targacept’s plans or expectations. Actual results may differ materially from those expressed or implied by forward-looking statements as a result of various important factors, including, without limitation, the risks and uncertainties described under the heading “Risk Factors” in Targacept’s most recent Annual Report on Form 10-K and in other filings that it makes 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. Targacept cautions you not to place undue reliance on any forward-looking statement.

In addition, any forward-looking statement in this press release represents Targacept’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Targacept disclaims any obligation to update any forward-looking statement, except as required by applicable law.

NNR Therapeutics™ is a trademark of Targacept, Inc. Any other service marks, trademarks and trade names appearing in this press release are the properties of their respective owners.

Source: Targacept, Inc.

Targacept, Inc.
Alan Musso, 336-480-2186
VP and CFO
alan.musso@targacept.com
or
Linnden Communications
Michelle Linn, 508-362-3087
linnmich@comcast.com

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