Targacept Appoints John P. Richard as Chairman of the Board of Directors

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January 8, 2014

 
Winston-Salem, North Carolina – Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics™, today announced that John P. Richard, a Targacept non-executive director since November 2002, has been appointed as the Company’s Chairman of the Board effective January 1, 2014. Mr. Richard will continue to serve on the Company’s audit and compensation committees.

“John has made countless contributions to building Targacept since he joined the board in 2002, and we are grateful that we will continue to benefit from his insight and leadership in this expanded role,” said Dr. Stephen A. Hill, Targacept’s President and Chief Executive Officer. “John’s extensive industry knowledge and business development experience provides valuable strategic perspective as we build a sustainable company.”

Mr. Richard has significant corporate, operational and transactional life sciences experience, having served in various executive, director and advisory roles throughout his career. He currently is a partner and director of two life science focused investment firms, Phase4 Partners and Georgia Venture Partners. In addition, John is a board member of Biota Pharmaceuticals (NASDAQ: BOTA) and Zosano Pharma and serves as an advisor to Albireo AB and Nabriva Therapeutics AG. Earlier in his career, he was Executive Vice President, Business Development at SEQUUS Pharmaceuticals, Inc., where he was responsible for negotiating the acquisition of SEQUUS by ALZA Corporation. Prior to joining SEQUUS, John headed business development for VIVUS, Inc. and Genome Therapeutics Corporation, where he was responsible for establishing numerous pharmaceutical alliances. He was also the CEO and co-founder of Impath Inc., which became part of Genzyme. John received his M.B.A. from Harvard Business School and his B.S. from Stanford University.

About Targacept

Targacept is developing an advanced clinical pipeline of NNR Therapeutics™ to treat patients suffering from serious nervous system and gastrointestinal/genitourinary diseases and disorders. Many diseases arise from abnormalities in signaling within and between the brain and other organ systems such as the bladder and the GI tract. Targacept’s NNR Therapeutics™ have the potential to normalize these signaling pathways to provide significant medical benefit. Targacept is dedicated to building health and restoring independence for patients. For more information, please visit www.targacept.com.


TARGACEPT

Building Health, Restoring Independence®

Forward-Looking Statements

This press release includes “forward-looking statements” made under the provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements, other than statements of historical fact, regarding without limitation Targacept’s plans, expectations or future operations, financial position, revenues, costs or expenses. Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement. Risks and uncertainties that Targacept faces are described in greater detail under the heading “Risk Factors” in Targacept’s most recent Annual Report on Form 10-K and in other filings that it makes with the Securities and Exchange Commission. As a result of the risks and uncertainties, the results or events indicated by the forward-looking statements may not occur. Targacept cautions you not to place undue reliance on any forward-looking statement. In addition, any forward-looking statement in this press release represents Targacept’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Targacept disclaims any obligation to update any forward-looking statement, except as required by applicable law.

NNR Therapeutics™ and Building Health, Restoring Independence® are trademarks or service marks of Targacept, Inc. Any other service marks, trademarks and trade names appearing in this press release are the properties of their respective owners.

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