Market Overview

Targacept Cutting 46% of Workforce

Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics™, today announced a reduction in force as part of a strategic plan to focus the company's resources on its clinical programs and select preclinical opportunities. This action will reduce the company's workforce by 65 employees, or approximately 46%.

“It is extremely difficult to make a business decision that will have such an impact on many talented and dedicated colleagues and their families. I want to convey my utmost gratitude to the employees who will be leaving Targacept for their many contributions to the company,” said J. Donald deBethizy, Ph.D., Targacept's President and Chief Executive Officer. “This painful step is part of an overall plan to align our resources more closely with nearer-term value creation opportunities. We remain well capitalized and focused on operating our business efficiently to ensure we are positioned to exploit our diverse clinical-stage pipeline to bring new medicines to patients.”

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