WINSTON-Targacept has priced its initial public offering at between $11-13 per share, Private Equity Week reports.

The biotech firm plans to issue 6.25 million shares, PE Week said.

Targacept closed on $33 million in a private placement in December and has raised more than $200 million in venture capital since its founding.

The company is focused on the design, discovery and development of drugs for nervous system diseases and disorders by targeting a class of receptors known as neuronal nicotinic acetylcholine receptors, or NNRs.