Targacept Announces Proposed Public Offering Of $75M Shares

Targacept TRGT announced today that it is offering to sell $75 million in shares of its common stock in an underwritten public offering. Targacept expects to grant the underwriters for the offering an option to purchase additional shares of common stock to cover over-allotments, if any. Deutsche Bank Securities Inc. is acting as sole book-running manager for the offering. Lazard Capital Markets LLC, Leerink Swann LLC, and Oppenheimer & Co. Inc. are acting as co-managers for the offering. The offering is subject to market conditions, and there can be no assurance that the offering will be completed at any particular time, or at all, or as to the actual size or terms of the offering. The offering is being made by Targacept pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Deutsche Bank Securities Inc.,