WRAL Tech Wire

Targacept reports 1Q net loss after AstraZeneca partnership ends

Targacept's schizophrenia treatment reaches important trial milestone

The Winston-Salem based biopharmaceutical firm has completed recruitment of patients for the Phase 2b study of its schizophrenia treatment

  Targacept's top business executive to depart company

Targacept's (NASDAQ:TRGT) top business executive, who succeeded in landing potentially lucrative deals with big pharmas GlaxoSmithKline and AstraZeneca only to see those partnerships fail to yield any successful drugs, is leaving.

 Targacept, AstraZeneca restructure drug development pact

Targacept is regaining all rights to an Alzheimer's disease drug candidate in mid-stage clinical trials and the company will have additional flexibility pursuing development of other compounds included in a newly restructured agreement with drug partner AstraZeneca.

 Targacept hires former Solvay exec as its new CEO

Targacept, which recently has laid off much of its staff and cut back on drug development, has hired former Solvay executive Stephen Hill as its new chief executive officer.

 Targacept to cut 38% of its work force, close labs

The Winston-Salem based drug development firm says it will lay off another 28 workers and reduce operations in wake of recent product candidate failure.

 Targacept to make more layoffs after drug candidate fails

The Winston-Salem drug firm plans to make more layoffs after the failure of a drug the company was testing as a possible treatment for ADHDi, or ttention deficit/hyperactivity disorder.

 Targacept pursues treatment for overactive bladder

The Winston-Salem-based company announced plans on Wednesday to pursue the development of TC-5214 as a treatment for overactive bladder (OAB).

Targacept

 Setbacks precede resignation of Targacept co-founder

Don deBethizy is stepping down as CEO and chairman of the drug development company. DeBethizy said he "decided to step down for personal considerations." But the move follows some setbacks for the company, most prominent the phase 3 failure of the company's lead drug, a depression treatment.

 Targacept CEO resigns, also leaves firm's board

Don deBethizy is leaving the Winston-Salem based drug firm. Recent drug candidate failures have pummled the company.

 Targacept cuts mean focus on existing drug candidates

CEO Don deBethizy says the Winston-Salem based drug firm doesn't plan to advance new preclinical drug candidates in the near term "until we restore the shareholder value."

Targacept's HQ

 Earnings reports: SciQuest, PowerSecure, Furiex, Targacept

Profits for SciQuest, Targacept; in the red for PowerSecure, Furiex.

 In wake of drug failure, Targacept to realign resources

Targacept must now realign its resources to focus on its other programs, including an experimental Alzheimer's disease treatment that remains partnered with AstraZeneca.

 Drug firm Targacept to slash 46% of work force

The Winston-Salem based firm is slashing its workforce by nearly half, part of a restructuring plan that comes one month after its lead drug candidate, a depression drug, failed the last of a series of phase 3 clinical trials.

Targacept's Headquarters

 Oops: Targacept lowers asthma drug candidate results

The Winston-Salem based firm last month released top-line phase 2 results for a compound that showed the it met both goals in the clinical trial. But Targacept now says the discovery of a "statistical analysis error" now shows they met just one of the two phase 2 endpoints.

Targacept

 Targacept drug candidate shows promise against asthma

However, a trial of the same compound to combat type 2 diabetes failed. The Winston-Salem based firm will drop its further develoment as a diabetes target.

 Targacept gears for changes after antidepressant drug candidate failure

Two clinical trials of a treatment for major depressive disorder result in failure of the proposed antidepressant.

 2012 shaping up as crucial year for WS-based Targacept

As three key clinical trials continue, Targacept does not yet have any approved products. CFO Alan Musso notes that the company has enough cash to last through the end of 2014.

Targacept's drug pipeline

 AstraZeneca sticks with Targacept on Alzheimer's drug development

The drug giant will conduct and fund phase 2 clinical trials of AZD1446, a compound that emerged from the partnership between AstraZeneca and Winston-Salem-based Targacept.

 Targacept pushes ahead on its own with trials of two potential drugs

A compound called TC-5619 is being tested for treatments of schizophrenia and attention deficit-hyperactivity disorder.