Posts tagged “Targacept ”
Targacept attributed the wider loss to a $3.9 million increase in R&D expenses. R&D spending in the quarter totaled $10.3 million, up from $6.4 million in the third quarter of 2012, as the company increased its spending for a phase 2b clinical study of TC-5214, an experimental treatment for overactive bladder.
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 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.
The Winston-Salem-based company announced plans on Wednesday to pursue the development of TC-5214 as a treatment for overactive bladder (OAB).
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.
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."
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.
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.
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.