Winston-Salem-based Targacept (www.targacept.com), a clinical-stage biopharmaceutical company, has initiated a Phase I clinical trial of its product candidate TC-6499. The initiation of the trial triggers a $6 million milestone payment to the company under the terms of its agreement with GlaxoSmithKline (GSK). TC-6499 is a small molecule that Targacept plans to develop initially as a treatment for neuropathic pain. The company anticipates that its Phase I program for TC-6499 will include, in addition to the ongoing single dose trial, a multiple rising dose trial. Under its agreement with GlaxoSmithKline, Targacept is eligible to receive an additional milestone payment if, following completion of its Phase I program, Targacept determines to advance TC-6499 into Phase II.
Targacept is a CED member.
GlaxoSmithKline is a CED member.