Targacept, Inc. (NASDAQ:TRGT), a clinical-stage biopharmaceutical
company developing a new class of drugs known as NNR Therapeutics (TM),
today announced the designation of a lead compound in its smoking
cessation program, triggering a $500,000 milestone payment under its
alliance agreement with GlaxoSmithKline (GSK).
“We are delighted to have successfully
leveraged our expertise in NNRs to bring forward a novel compound for
smoking cessation, an area that is not only a major healthcare need but
also where application of the NNR mechanism has been validated
commercially,” said J. Donald deBethizy,
President and CEO of Targacept. “Emerging
science has made the promise of NNR-targeted compounds as smoking
cessation aids increasingly evident. It is important for a smoking
cessation aid to specifically target the areas of the brain that serve
as pathways for addiction, while addressing limitations of currently
available products by minimizing unwanted side effects.”
Neuronal nicotinic receptors (NNRs) are a class of proteins in the
nervous system that modulate the levels of key chemical messengers, such
as dopamine. Nicotine’s addictive effects have
been linked to over-stimulation of dopamine release in brain regions
involved in feelings of reward and pleasure. Various NNR subtypes
modulate dopamine release in these pathways and represent optimal
targets for therapeutic intervention. Compounds that can normalize the
activity of these NNR subtypes have the potential to decrease the
rewarding effects of nicotine and, as a result, the desire to smoke.
In July 2007, Targacept and GSK entered into a strategic alliance
pursuant to which Targacept would utilize its proprietary Pentad (TM)
drug discovery technology to discover novel small molecule product
candidates that target specified NNR subtypes in five therapeutic areas
-- pain, smoking cessation, addiction, obesity and Parkinson’s
disease. GSK is participating in the alliance through its Center of
Excellence for External Drug Discovery.
Statistics from the Centers for Disease Control and Prevention indicate
that tobacco use remains the leading preventable cause of death in the
United States, causing approximately 438,000 premature deaths each year.
Datamonitor projects that the global prescription market for smoking
cessation therapies will be as much as $4.6 billion by 2016.
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
progress, timing or scope of the research and development of our product
candidates, or related regulatory filings or clinical trials, the
benefits that may be derived from NNR Therapeutics, the market for
prescription smoking cessation therapies in the future, our plans,
expectations, future operations, financial position, revenues, costs or
expenses, 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 risks and
uncertainties relating to: our ability to discover and develop product
candidates under our alliance with GlaxoSmithKline; the results of
clinical trials and non-clinical studies and assessments of product
candidates in the programs subject to our alliance with GlaxoSmithKline,
including the lead compound in our smoking cessation program; the
conduct of such trials, studies and assessments, including the
performance of third parties that we engage to execute them and
difficulties or delays in the completion of patient enrollment or data
analysis; the timing and success of submission, acceptance and approval
of regulatory filings; changes in the prevalence of tobacco use; and the
extent to which non-prescription smoking cessation therapies gain market
acceptance. These and other risks and uncertainties that may impact
actual results are described in greater detail 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. In addition, any forward-looking statements in this release
represent our views only as of the date of this release and should not
be relied upon as representing our views as of any subsequent date. We
anticipate that subsequent events and developments may cause our views
to change. 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.
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