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Targacept, Inc. $30.4 Million First-Round Financing is One of Largest in U.S. Biotech History 

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.

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