Targacept to Present at Lazard and CIBC Investor Conferences

Winston-Salem, North Carolina Nov 21, 2006

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, Ph.D., President and Chief Executive Officer, will be presenting at two upcoming investor conferences:

• Lazard Capital Markets Third Annual Life Sciences Conference on Tuesday, November 28 at 2:00 p.m. Eastern Time at The New York Palace Hotel in New York City.
• CIBC World Markets Second Annual Mid & Small Cap “Best Ideas” Conference on Wednesday, November 29 at 2:50 p.m. Eastern Time at the Millennium Broadway Hotel in New York City.

Both presentations will be webcast and accessible from the Investor Relations section of the Company’s website, http://www.targacept.com.  Each webcast will also be available for replay on the Company’s website for two weeks following the corresponding conference. To ensure a timely connection to a webcast, it is recommended that users register at least 15 minutes prior to the scheduled start time.

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 multiple preclinical programs.  Targacept is located in Winston-Salem, North Carolina.  Targacept’s news releases are available on its website at www.targacept.com.

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