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Targacept To Report First Quarter 2012 Financial Results On May 3, 2012

Targacept Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics (TM), today announced that it will report financial results for the first quarter of 2012 on Thursday, May 3, 2012, after the U.S. financial markets close.

Management will discuss the first quarter financial results, provide an update on the company’s product development programs and business activities, and discuss expectations for the future via conference call at 5:00 p.m. Eastern Time on Thursday, May 3, 2012. The conference call may be accessed by dialing (866) 362-5158 for domestic participants and (617) 597-5397 for international callers (reference passcode 84119507). A replay of the conference call may be accessed from approximately 8:00 p.m. Eastern Time on May 3, 2012 through May 17, 2012 by dialing (888) 286-8010 for domestic callers and (617) 801-6888 for international callers (reference passcode 27578978).

A live audio webcast of the conference call will be accessible from the Investor Relations page of Targacept’s website, www.targacept.com. To ensure a timely connection to the webcast, it is recommended that users register at least 15 minutes prior to the scheduled start time. An archived version of the webcast will also be available for replay on the Investor Calendar section of the Investor Relations page of Targacept’s website for at least two weeks following the call.

About Targacept

Targacept is developing a diverse pipeline of innovative NNR Therapeutics™ for difficult-to-treat diseases and disorders of the nervous system. NNR Therapeutics selectively modulate the activity of specific neuronal nicotinic receptors, unique proteins that regulate vital biological functions that are impaired in various disease states. Targacept’s clinical pipeline includes multiple Phase 2 product candidates, all representing first-in-class opportunities. Targacept leverages its scientific leadership and proprietary drug discovery platform Pentad™ to generate novel small molecule product candidates to fuel its pipeline and attract significant collaborations with global pharmaceutical companies. For more information, please visit www.targacept.com.

TARGACEPT

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