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· Targacept
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Jump to full article: PR Newswire, 2000-08-24
Intro: 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).
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