WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Jun 14, 2007 - Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics(TM), announced today that Ralph Snyderman, M.D. has been elected to its board of directors.
“We are very pleased to welcome Ralph Snyderman to our board of directors,” said J. Donald deBethizy, Targacept’s President and Chief Executive Officer. “Ralph’s academic insight, his scientific and medical expertise, and his outstanding knowledge of the national health care delivery system will be valuable to Targacept as we seek to expand the therapeutic options available to health care providers and their patients.”
Dr. Snyderman is Chancellor Emeritus of Duke University and James B. Duke Professor of Medicine at the Duke University School of Medicine. He served as Chancellor for Health Affairs and Dean of the School of Medicine from 1989 to July 2004. Dr. Snyderman oversaw the development of the Duke University Health System and served as its first President and Chief Executive Officer. He also played a leading role in the conception and development of Prospective Care, a novel approach to personalized health and an evolving model of national health care delivery. In 2004, Dr. Snyderman founded Proventys, Inc., a developer of high-powered risk assessment and clinical decision support tools.
Dr. Snyderman accepted his first faculty appointment at Duke in 1972 and became chief of the Division of Rheumatology and Immunology, and in 1984 was named the Frederic M. Hanes Professor of Medicine and Immunology. Dr. Snyderman is internationally recognized for his contributions in inflammation research, and has authored over 350 manuscripts and numerous books. His research contributed to the understanding of how white blood cells respond to chemical signals to mediate host defense or tissue damage.
In 1987, Dr. Snyderman left Duke to join Genentech, Inc. as Senior Vice President for medical research and development, and was a member of its senior leadership team. Dr. Snyderman currently serves on the board of directors of Procter and Gamble. He is a graduate of Washington College in Chestertown, Maryland and received his M.D., magna cum laude, from the Downstate Medical Center of the State University of New York. He served as Chair of the Association of American Medical Colleges from 2001 to 2002, and President of the Association of American Physicians from 2003 to 2004.
Dr. Snyderman fills the seat held for seven years by Elaine V. Jones, Ph.D. “We are grateful to Elaine, a partner of EuclidSR Partners, one of our earliest investors, for her many contributions to Targacept,” said J. Donald deBethizy. “Elaine has provided expert counsel and leadership to Targacept since it was first spun out as an independent company in 2000. We know that Elaine will remain a good friend of Targacept, and we wish her all the best in her personal and business endeavors.”
Forward-Looking Statements
Any statements in this press release about expectations, plans and prospects for Targacept, Inc. and all other statements that are not purely historical in nature constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by forward- looking statements as a result of various important factors, including the risks and uncertainties described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings that we make with the Securities and Exchange Commission. As a result of the risks and uncertainties, the results or events indicated by the forward-looking statements may not occur. We caution you not to place undue reliance on any forward-looking statement. In addition, any forward-looking statements in this release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change. Although we may elect to update these forward-looking statements publicly at some point in the future, whether as a result of new information, future events or otherwise, we specifically disclaim any obligation to do so, except as required by applicable law.
About Targacept
Targacept is a clinical-stage biopharmaceutical company that discovers and develops NNR Therapeutics(TM), a new class of drugs for the treatment of central nervous system diseases and disorders. Targacept’s product candidates selectively modulate neuronal nicotinic receptors that serve as key regulators of the nervous system to promote therapeutic effects and limit adverse side effects. Targacept has product candidates in development for Alzheimer’s disease and cognitive deficits in schizophrenia, pain, and depression and anxiety disorders, as well as multiple preclinical programs. Targacept is located in Winston-Salem, North Carolina. Targacept’s news releases are available on its website at www.targacept.com.
Contact
Targacept, Inc., Winston-Salem Alan Musso, VP and CFO, 336-480-2186 alan.musso@targacept.com or
Linnden Communications Michelle Linn, 508-419-1555 linnmich@comcast.net
