Winston-Salem based Targacept, Inc. (www.targacept.com) closed a $33 million private placement to existing investors. Led by London-based Nomura Phase4 Ventures, the funds will be used for the clinical development of the company's lead product. The company has been in registration for an IPO since May 2004.
Targacept is focused on the design, discovery and development of novel drugs to treat various disorders of the nervous system. It focuses on drugs that target nicotinic acetylcholine receptors, or NNRs, that serve as regulators of nervous system activity. The company has one product, Inversine, already on the market and has four additional products in various stages on development.
Targacept is a CED Member.