Targacept (Nasdaq: TRGT) is turning to the public markets to raise cash for drug development.

The Winston-Salem based biopharmaceutical firm which focuses on nervous system disorders said earlier this week it plans to raise $75 million through a stock offering.

Targacept shares traded at $20.77 in late Wednesday morning trading.

Drug giant GlaxoSmithKline (NYSE: GSK) and Targacept disclosed plans to end a partnership in March after GSK changed its focus for future drug development. GSK had invested $45 million in the partnership, including a $15 million investment in the company. (Read details here.)

The stock offering will be managed by Deutsche Bank Securities.

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