Rochester,NY 7/11/2009 1:16:29 AM
Afternoon Stock Report - TRGT - Targacept's ADHD drug to move forward in studies - Sourced WhisperFromWallStreet.com
Targacept, Inc.
Afternoon Stock Report - TRGT - Targacept's ADHD drug to move forward in studies - Sourced WhisperFromWallStreet.com
Targacept, Inc. TRGT
Biotechnology company Targacept Inc. said Wednesday its drug development partner AstraZeneca plans to further develop a potential attention deficit-hyperactivity disorder drug candidate.
Targacept will receive a $10 million milestone payment on the drug candidate AZD3480, also called TC-1734, which has completed midstage studies for ADHD. Targacept said it remains eligible to receive over $100 million on the partnership for that drug in ADHD.
The company booked $20.1 million in revenue in 2008.
AZD3480 has also completed midstage studies in Alzheimer's disease and Schizophrenia, but has said it will not advance the drug candidate into late-stage studies for the latter condition.
Last Trade: 2.90
Day's Range: 2.00 - 3.25
52wk Range: 1.40 - 10.11
Volume: 131,046
ABOUT - Targacept, Inc.
Targacept, Inc., a biopharmaceutical company, engages in the design, discovery, and development of neuronal nicotinic receptor (NNR) Therapeutics for the treatment of diseases and disorders of the central nervous system. It markets Inversine, which is for the management of moderately severe to severe hypertension and uncomplicated cases of malignant hypertension. The companys clinical stage product candidates include TC-5214 in Phase 2b clinical trial that modulates the activity of various NNR subtypes, including multiple forms of the a4ß2 NNR; AZD3480 (TC-1734), a small molecule, which modulates the activity of the a4ß2 NNR and completed two Phase 2b clinical trials; and TC-5619, a small molecule for cognitive dysfunction in schizophrenia or conditions characterized by cognitive impairment that completed a Phase 1 single and multiple rising dose clinical trial. It also has clinical stage product candidates, such as TC-2216, a product candidate for depression and anxiety disorders that completed a Phase 1 single rising dose clinical trial; and AZD1446 (TC-6683), a small molecule in Phase 1 clinical development that modulates the activity of the a4ß2 NNR. In addition, the company has preclinical research programs to discover and develop compounds that act on the a4ß2 NNR; and a program focused on the role of NNRs in inflammation.
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