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Thailand Tobacco Monopoly expects free trade to narrow the price gap between local and imported cigarettes, reducing its share of sales revenue to 65% from 80% by 2008.
TTM chief Suchon Watanapongvanich said the agency's market share by volume was expected to fall to 75% from 84% during the period.
The state enterprise has seen its market share steadily eroded by major foreign brands including Marlboro, L&M and Mild Seven.
The Asean Free Trade Area agreement's reduction of import tariffs for cigarettes made in the region to 5% has benefitted multinational producers with factories in the Philippines, Indonesia and Malaysia.
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Listen to RadioWallStreet.com's interview with Targacept, Inc. President/CEO, J. Donald de Bethizy.
He discusses the mission of the new RJ Reynolds spinoff as a privately held R&D pharmaceutical company. Targecept will develop compounds to treat major disorders such as ulcerative colitis and Alzheimer's disease. . .
If you are viewing this release after the day of the event, go to http://www.radiowallstreet.com/NASApp/RWS/EventPage?ID=36901.
Led by New York's EuclidSR Partners, a group of largely British and French investors has pumped $30.4 million in first round financing into pharmaceutical developer Targacept.
The capital infusion will accelerate growth and expand operations at the R.J. Reynolds Tobacco spinoff, according to President and CEO J. Donald deBethizy. "We plan to seek additional strategic alliances with major pharmaceutical partners to develop and commercialize our R&D pipeline," he added.
"Nicotine was the natural product from tobacco that gave us clues," said Donald deBethizy, a Reynolds vice president, now Targacept's chief executive officer. "The work we did at (Reynolds) that turned into Targacept, was to apply the knowledge about nicotine."
Nicotine does a good job of finding certain targets or receptors, located on nerve cells, usually at the end of long strands. Within the nervous system - think of it as the body's wiring - these nicotine receptors act like volume knobs on a stereo, regulating the amount of chemicals released. In a number of diseases, there is a shortage or excess of chemicals controlled by these receptors. By reaching these receptors, a drug treatment could regulate the chemical level.
So far, most work in this field has been done using the nicotine patch, a smoking cessation device. . .
Targacept and others are developing compounds that mimic nicotine's ability to stimulate targets while reducing side effects.
R.J. Reynolds Tobacco Co., the No. 2 U.S. cigarette maker, on Thursday said it has spun off its Targacept Inc. subsidiary, which develops nicotine-related pharmaceuticals, into a privately held company. . .
Targacept will still design and develop compounds that can interact with certain receptors in the human nervous system to treat major disorders, R.J. Reynolds said. Those disorders include Alzheimer's disease, Parkinson's disease, depression, pain and ulcerative colitis, Tourette's Syndrome, attention deficit disorder and schizophrenia.
Targacept, Inc., a privately held R&D pharmaceutical company dedicated to the discovery and development of new drugs to treat a variety of human diseases and conditions such as Alzheimer's, Parkinson's, pain and depression, today completed a $30.4 million private placement. The financing came from investor groups in the United States, United Kingdom and France. This represents the single largest first- round private financing among North Carolina biotechnology companies, and one of the largest among U.S. biotechnology companies.
The company was formed in 1997, based on a strong portfolio of patents and intellectual property from R.J. Reynolds Tobacco Company. Targacept's technology involves novel compounds that can treat a variety of diseases by activating specific cholinergic receptor targets in the human nervous system.
R.J. Reynolds Tobacco Company (RJRT) today announced that it has spun off its Targacept, Inc. subsidiary after completing a $30.4 million equity financing with lead investor EuclidSR Partners and other venture investors.
EuclidSR Partners is a $200 million venture fund established to invest in early stage and high-growth companies in healthcare, information technology and the convergence of these two sectors. EuclidSR has been investing in medical technology companies for more than 15 years and has funded successful companies in the life sciences and biotechnology.
Targacept, Inc., which was formed by Reynolds Tobacco in 1997, is now a privately held independent company based in Winston-Salem. Reynolds Tobacco, which contributed a portfolio of patents and intellectual property to Targacept, will own 43 percent of the newly formed company (on a fully diluted basis).
R.J. Reynolds Tobacco Co. announced Thursday that it has spun off a drug development subsidiary, Targacept Inc., after securing $30.4 million in financing from venture capital firms.
Partners in the new privately held firm include EuclidSR Partners, Burrill & Co., Auriga Ventures, CDC Innovation, Genavent, Advent Venture Partners and Longleaf Venture Fund.
R.J. Reynolds, the nation's second bigest tobacco company with brands like Winston, Salem, Camel and Doral, will keep a 43 percent stake in the new company.
Targacept, formed in 1997, will continue to develop new compounds designed to treat Alzheimer's disease, Parkinson's disease, ulcerative colitis and other disorders, company officials said.
In addition, Targacept has an agreement with Aventis Pharmaceuticals Inc., signed in 1998, to develop new drugs to treat Alzheimer's and Parkinson's diseases.
This is a sound business decision for Targacept and Reynolds Tobacco. . . During the past decade, our scientists have developed great expertise in discovering new compounds and potential therapeutic uses of those compounds.RJR CEO Andrew J. Schindler, on the spinoff of Targacept, which will continue to develop new compounds designed to treat Alzheimer's disease, Parkinson's disease, ulcerative colitis and other disorders. <I>R.J. Reynolds To Create Spinoff</I>