Targacept in Smoking Cessation Deal

Source from:  tr.itsmyiq.com Jul 30, 2007 07/31/2007

Targacept, which was spun out of the research division of R.J. Reynolds Tobacco in 2000, has struck an agreement with GlaxoSmithKline that is worth up to $1.5 billion and that includes a possible smoking cessation compound, according to a report by Kerry A. Dolan for Forbes magazine. Targacept is developing drugs that target neuronal nicotinic receptors in the brain to treat Alzheimer's disease, pain, obesity and other indications. GlaxoSmithKline, which has agreed to pay Targacept $35 million up front, has the exclusive option, after completion of a phase two 'proof of concept' trials, to license Targacept compounds in five areas: pain, smoking cessation, obesity, Parkinson's disease and addiction. Targacept has a drug candidate called TC-2696 currently in a phase two clinical trials for acute post-operative pain. Enditem