BOSTON (Thomson Financial) - Targacept Inc. said Monday it received a $6
million milestone payment from GlaxoSmithKline related to the initiated Phase I
clinical trial of Targacept's TC-6499, a novel small molecule that the company
plans to develop initially as a treatment for neuropathic pain.
The Phase I study is designed to evaluate the safety and tolerability of
TC-6499, Targacept said.
The company is eligible for an additional milestone payment from
GlaxoSmithKline if Targacept determines to advance TC-6499 into Phase II
following the completion of the Phase I trial.
Shares of Targacept, the Winston-Salem, N.C.-based biopharmaceutical
company, closed Friday at $9.09.
GlaxoSmithKline's stock finished at $53.27 on Friday.
Greg Saulnier
gs/pc
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