Winston-Salem, North Carolina Jun 25, 2008
Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics (TM), today announced that it is set to join the Russell 3000 (R) Index, according to a preliminary list of additions recently posted on www.russell.com. Targacept’s addition to the broad market Russell 3000 Index, which remains in place for one year, means automatic inclusion in the Russell 2000 Index. The 2008 reconstitution of the Russell indexes will take place after the market closes on June 27, 2008.
“We are pleased to have our progress affirmed by inclusion in the Russell 3000 Index,” said J. Donald deBethizy, Ph.D., President and Chief Executive Officer. “We expect this broad-market index will increase Targacept’s visibility to investors as we focus on advancing our pipeline of NNR Therapeutics.”
The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies based on total market capitalization, representing approximately 98% of the investable U.S. equity market according to Russell Investments. The Russell 2000 Index includes the smallest 2,000 companies in the Russell 3000 Index.
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, cognitive dysfunction in schizophrenia, pain and depression, 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, including, without limitation, statements regarding the effect of our inclusion on the Russell 3000 and Russell 2000 indexes, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by forward-looking statements as a result of various important factors, including the risks and uncertainties as described 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. Although we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, except as required by applicable law.
Targacept Contacts:
Alan Musso, VP and CFO
Targacept, Inc.
Tel: (336) 480-2186
Email: alan.musso@targacept.com
Michelle Linn
Linnden Communications
Tel: (508) 362-3087
Email: michelle@linndencom.com