Targacept, Inc. Announces Pricing Of Its Initial Public Offering

WINSTON-SALEM, N.C., April 12 /PRNewswire-FirstCall/ -- Targacept, Inc. (Nasdaq: TRGT - News) today announced the pricing of its initial public offering of 5,000,000 shares of its common stock at a price of $9.00 per share. All of the shares are being sold by Targacept. Targacept has also granted to the underwriters of the offering a 30-day option to purchase up to 750,000 additional shares of common stock to cover over-allotments, if any. Targacept's common stock is expected to begin trading on The NASDAQ National Market on April 12, 2006 under the symbol "TRGT."

The managing underwriters of the offering are Deutsche Bank Securities Inc., book-running manager, Pacific Growth Equities, LLC, co-lead, CIBC World Markets Corp. and Lazard Freres & Co. LLC.

Copies of the final prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005, Attention: Syndicate Department.

About Targacept, Inc.

Targacept, Inc. is a biopharmaceutical company based in Winston-Salem, North Carolina engaged in the design, discovery and development of a new class of drugs to treat central nervous system diseases and disorders by selectively targeting neuronal nicotinic receptors, or NNRs.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on April 11, 2006. The public offering is being made by means of a written prospectus forming part of the effective registration statement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Source: Targacept, Inc.

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