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November 25, 2015 7:29 PM ET


Company Overview of Targacept, Inc.

Company Overview

As of August 20, 2015, Targacept, Inc. was acquired by Catalyst Biosciences, Inc., in a reverse merger transaction. Targacept, Inc., a biopharmaceutical company, engages in the development of neuronal nicotinic receptors (NNR) therapeutics for the treatment of nervous system and gastrointestinal/genitourinary diseases and disorders. Its product candidates include TC-6499 for the treatment of diabetic gastroparesis; and TC-5619 and TC-6987, which are novel small molecules that are selective for the a7 NNR. The company was founded in 1997 and is based in Winston-Salem, North Carolina.

100 North Main Street

Suite 1510

Winston-Salem, NC 27101

United States

Founded in 1997

10 Employees





Key Executives for Targacept, Inc.

Targacept, Inc. does not have any Key Executives recorded.

Targacept, Inc. Key Developments

Targacept, Inc. Declares Pre-Closing Dividend, Payable on August 19,2015

Targacept, Inc. has declared a pre-closing dividend, in connection with its merger with Catalyst Biosciences, Inc. The dividend includes an aggregate cash amount of USD 19.5 million, or approximately USD 0.5686 per share. Subject to the approvals, the pre-closing dividend will be paid on August 19,2015 to Targacept's stockholders of record as of the close of business on August 14, 2015.

Targacept, Inc. Announces Resignation of Scott N. Cullison as Vice President, Business Development, Effective May 31, 2015

Targacept, Inc. and Catalyst Biosciences, Inc. entered into an agreement and plan of merger on March 5, 2015, as amended on May 6, 2015. The company terminated the employment of Scott N. Cullison, Vice President, Business Development of the company, effective May 31, 2015. Under the company’s previously disclosed employment agreement with Mr. Cullison dated October 8, 2014, Mr. Cullison will receive severance benefits consistent with a termination other than for just cause in connection with but prior to an anticipated change in control of the company, within the meaning of the employment agreement. Mr. Cullison’s termination was not due to any disagreement relating to the company’s operations, policies or practices.

Targacept Announces Negative Top-Line Results from Exploratory Study of Tc-6499 in Diabetic Gastroparesis

Targacept, Inc. announced top-line results from a Phase 1/2 exploratory study of TC-6499 as a treatment for diabetic gastroparesis, a chronic disorder that slows or stops the passage of food from the stomach to the small intestine. In the trial, TC-6499 did not meet the primary endpoint of the study, change in gastric emptying half-time (BT_t1/2), as measured by a carbon (13C) labeled gastric emptying breath test, relative to placebo.

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