Winston-Salem, NC May 17, 2001
Targacept, Inc., a privately held research and development pharmaceutical company focused on neuronal nicotinic receptor-based therapeutics, today announced that Patrick Lippiello, Ph.D. has been named Vice President, Scientific and Program Development. Dr. Lippiello was previously interim Vice President, Business and Scientific Development.
Dr. Lippiello's new responsibilities will include directing activities for the joint research, development and commercialization agreement with Dr. Falk Pharma GmbH of Freiburg, Germany, announced in March, to develop a new class of drugs to treat ulcerative colitis. In addition, Dr. Lippiello will oversee program activities for other alliances as they emerge and will develop scientific strategy for positioning Targacept's products in the marketplace. All corporate relations functions, including internal and external communication, will continue to report to Dr. Lippiello.
Targacept was established in 1997 as a wholly owned subsidiary of R.J. Reynolds Tobacco Company (NYSE: RJR). It was spun out in August 2000, in one of the largest ($30.4 million) first-round venture capital financings in U.S. biotech history and the largest in North Carolina biotech history.
Targacept has products in development for treating Alzheimer's disease, Parkinson's disease, ulcerative colitis, depression, pain and attention deficit disorder, among others. In addition to the agreement with Dr. Falk Pharma, Targacept has a strategic alliance with Aventis Pharmaceuticals to develop Targacept compounds for Alzheimer's and Parkinson's disease.
Additional information about Targacept can be obtained at the company's website, www.targacept.com.