AstraZeneca PLC, Targacept, Inc. Depression Drug Fails Late-stage Study

WINSTON-SALEM, N.C., Nov 08, 2011 (BUSINESS WIRE) -- Targacept, Inc. /quotes/zigman/95853/quotes/nls/trgt TRGT -0.68% , a clinical-stage biopharmaceutical company developing novel NNR Therapeutics(TM), announced that Targacept management will conduct a conference call and audio webcast today at 10:00 a.m. Eastern Time regarding top-line results from the RENAISSANCE 3 study of TC-5214 as an adjunct treatment for patients with major depressive disorder who do not respond adequately to initial antidepressant therapy, which were announced earlier this morning. Participants will include: J. Donald deBethizy, Ph.D., Targacept's President and Chief Executive Officer; Alan A. Musso, Targacept's Senior Vice President, Finance and Administration and Chief Financial Officer; and Geoffrey C. Dunbar, M.D., Targacept's Senior Vice President, Clinical Development and Regulatory Affairs and Chief Medical Officer.

The conference call may be accessed by dialing 866-804-6921 for domestic participants and 857-350-1667 for international callers (reference passcode 58493295). A replay of the conference call may be accessed beginning approximately two hours after the event and continuing through November 22, 2011 by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers (reference passcode 24688395).

A live audio webcast of the conference call will be accessible from the Investor Relations page of Targacept's website, www.targacept.com . To ensure a timely connection to the webcast, it is recommended that users register at least 15 minutes prior to the scheduled start time. An archived version of the webcast will also be available on Targacept's website for at least two weeks following the call.

About Targacept

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, a unique class of proteins that regulate vital biological functions that are impaired in various disease states. Targacept's lead program, TC-5214, is being co-developed with AstraZeneca and is in Phase 3 clinical studies as an adjunct treatment for major depressive disorder. Targacept leverages its scientific leadership and proprietary drug discovery platform Pentad(TM) to generate novel small molecule product candidates to fuel its pipeline and attract significant collaborations with global pharmaceutical companies. For more information, please visit www.targacept.com .

TARGACEPT Building Health, Restoring Independence(SM)

SOURCE: Targacept, Inc.

Targacept, Inc.

Alan Musso, 336-480-2186

alan.musso@targacept.com

SVP and CFO

or

Linnden Communications

Michelle Linn, 508-362-3087

linnmich@comcast.net