Targacept Hits Annual High On Depression Drug Data

NEW YORK (AP) — Shares of Targacept Inc. surged Friday after the company provided full results from a successful mid-stage study of its depression drug candidate TC-5214.

In July, the Wilmington, N.C., company said TC-5214 met all of its primary and secondary goals in the trial. Late Thursday, it said patients who took TC-5214 and the antidepressant Celexa had a 13.75-point average improvement on a 52-point rating scale used to measure depression. Patients who took Celexa and a placebo improved by 7.75 points, on average.

The results were based on the Hamilton Rating Scale for Depression. Targacept said patients who took TC-5214 also had better scores on two other rating systems, and assessments of severity of depression, irritability, cognition, disability, and overall improvement.

In morning trading, Targacept stock jumped $3.72, or 18.5 percent, to $23.81. They reached an all-time high of $24.50.

TC-5214 is being tested as a supplementary treatment for major depressive disorder in patients who did not respond to the most common type of antidepressants, selective serotonin reuptake inhibitors. TC-5214 is intended to work on neuronal nicotinic receptors, which regulate the nervous system. The company said that makes the antidepressants work better while limiting side effects.