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Article: Targacept Seeking $86.25M IPO To Fund Product Development.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Senior Staff Writer
Targacept Inc. is looking to take its drug development work to the public markets.
The Winston-Salem, N.C.-based company filed for a proposed initial public offering worth an estimated $86.25 million. Targacept, which will sell all the shares, applied for listing on the Nasdaq exchange under the ticker symbol "TRGT." It has yet to specify the number of shares it plans to offer or the price per share.
Should the company price, it plans to use proceeds for clinical trials, preclinical testing and other research and development activities, for manufacturing and for general and administrative expenses.
Targacept is ...