Targacept To Report Second Quarter 2012 Financial Results On August 7, 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 second quarter of 2012 on Tuesday, August 7, 2012, after the U.S. financial markets close.

Management will discuss the second 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 Tuesday, August 7, 2012. The conference call may be accessed by dialing 866.713.8564 for domestic participants and 617.597.5312 for international callers (reference passcode 98570306). A replay of the conference call may be accessed from approximately 8:00 p.m. Eastern Time on August 7, 2012 through August 21, 2012 by dialing 888.286.8010 for domestic callers and 617.801.6888 for international callers (reference passcode 68313004).

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 An archived version of the webcast will also be available for replay on the Investor Calendar section of the Investor Relations page of Targacept’s website for at least two weeks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 fuel its pipeline and attract significant collaborations with global pharmaceutical companies. For more information, please visit www.targacept.com.

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