WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Mar. 18, 2013--
Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical
company developing novel NNR Therapeutics (TM), today announced the
following changes to its Board of Directors:
M. James Barrett, Ph.D. and G. Steven Burrill have resigned their
directorships, effective May 31, 2013. Dr. Barrett and Mr. Burrill
first joined Targacept’s Board in 2002 and 2000, respectively, at the
time of venture capital investments made in Targacept by their
affiliated funds prior to Targacept’s initial public offering.
Ralph Snyderman, M.D. has decided not to stand for reelection and will
retire from Targacept’s Board effective May 31, 2013. Dr. Snyderman,
who has been a member of the Board since June 2007, has reached the
retirement age set forth in Targacept’s Corporate Governance
These decisions did not arise from any disagreement on any matter
relating to Targacept’s operations, policies or practices. When the
changes become effective, Targacept’s Board of Directors will be
comprised of seven members, including Dr. Stephen A. Hill, Targacept’s
President and Chief Executive Officer, and six independent directors ─
Charles A. Blixt, Julia R. Brown, Errol B. De Souza, Ph.D., Alan Dunton,
M.D., John P. Richard and Mark Skaletsky.
“On behalf of the Board, I’d like to thank Jim, Steve and Ralph for
their guidance and strategic oversight as Targacept has grown from an
early-stage, venture-funded enterprise to a mature, clinically focused
organization,” said Mark Skaletsky, Chairman of Targacept’s Board of
Directors. “Their seasoned leadership and expertise over the years has
helped give Targacept a solid foundation on which to continue to build.”
Targacept also announced that Jeffrey P. Brennan, Senior Vice President,
Business and Commercial Development and Chief Business Officer, will be
leaving the company as of March 31, 2013 to pursue other opportunities.
“I would like to personally thank Jeff for his contributions to the
company. Targacept has a promising future thanks in part to his efforts
over the last 10 years,” said Dr. Stephen A. Hill, Targacept’s President
and Chief Executive Officer.
Targacept is developing a diverse pipeline of innovative NNR
Therapeutics(TM) for difficult-to-treat diseases and disorders of the
nervous system. NNR Therapeutics selectively modulate the activity of
specific neuronal nicotinic receptors, unique proteins that regulate
vital biological functions that are impaired in various disease states.
Targacept’s clinical pipeline includes multiple Phase 2 product
candidates, all representing first-in-class opportunities. Targacept
leverages its scientific leadership diverse pipeline to attract
significant collaborations with global pharmaceutical companies. For
more information, please visit www.targacept.com.
Building Health, Restoring Independence®
This press release includes “forward-looking statements” made under the
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements, other than statements of
historical fact, regarding without limitation Targacept’s plans,
expectations or future operations, financial position, revenues, costs
or expenses. Actual results, performance or experience may differ
materially from those expressed or implied by any forward-looking
statement as a result of various important factors, including without
limitation risks and uncertainties relating to: the conduct and results
of clinical trials and non-clinical studies and assessments of TC-5619,
TC-5214 and TC-1734, including the performance of third parties engaged
to execute such trials, studies and assessments, delays resulting from
any changes to the applicable protocols and difficulties or delays in
the completion of subject enrollment or data analysis; whether the
executive turnover and workforce reductions experienced by Targacept
will have an adverse impact on the development of any Targacept product
candidate or Targacept’s business generally; Targacept’s ability to
establish additional strategic alliances, collaborations or licensing or
other comparable arrangements on favorable terms; Targacept’s ability to
protect its intellectual property; and the timing and success of
submission, acceptance and approval of regulatory filings. Risks and
uncertainties that Targacept faces are described in greater detail 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
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™ and Building Health, Restoring Independence® are
trademarks or service marks 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.
Alan Musso, SVP, Finance and Administration and CFO
Michelle Linn, 508-362-3087