Targacept, Inc. To Report First Quarter 2006 Financial Results On May 25, 2006

WINSTON-SALEM, N.C., May 19 /PRNewswire-FirstCall/ -- Targacept, Inc. today announced that the company will conduct a conference call and an audio webcast at 5:00 ET on Thursday, May 25, 2006, following the after-market release of its unaudited financial results for the first quarter ended March 31, 2006. J. Donald deBethizy, Ph.D., President and Chief Executive Officer, and Alan A. Musso, Vice President and Chief Financial Officer, will host the call to discuss the company’s first quarter financial results and to provide an update on the company’s product development programs and business activities.

A live webcast of the conference call will be available on Targacept’s website at www.targacept.com. An archived version of the webcast will also be available on Targacept’s website for at least two weeks following the call.

The conference call may be accessed by dialing 888-396-2369 for domestic participants and 617-847-8710 for international callers (reference passcode 87882299). A replay of the conference call may be accessed through June 8, 2006 by dialing 888-286-8010 for callers in the U.S. or Canada and 617-801- 6888 for international callers (reference passcode 69341356).

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.

Targacept, Inc.

CONTACT: Alan Musso, VP and CFO of Targacept, Inc., +1-336-480-2186, oralan.musso@targacept.com; or Michelle Linn of Linnden Communications,+1-508-419-1555, or linnmich@comcast.net

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