Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics™, today reported its financial results for the third quarter and nine months ended September 30, 2012.
Targacept reported a net loss of $7.9 million for the third quarter of 2012, compared to a net loss of $9.1 million for the third quarter of 2011. For the nine months ended September 30, 2012, Targacept reported net income of $8.9 million, compared to net income of $1.3 million for the corresponding period of 2011. As of September 30, 2012, cash and investments in marketable securities totaled $195.6 million.
“In the third quarter, we continued to focus on execution of our clinical programs for three pharmacologically distinct NNR Therapeutics, while maintaining an emphasis on capital efficiency,” said Mark Skaletsky, Chairman of Targacept’s Board of Directors. “Each of these programs is directed to a disease or disorder where the medical need is substantial and current therapies are inadequate. While innovation-based drug development is inherently high risk, we believe our programs carry potential for significant value with successful clinical trial outcomes. Targacept remains well capitalized and fortunate to have a capable and talented team dedicated to the goal of building health and restoring independence for patients.”
Targacept is currently conducting two Phase 2b clinical trials. Enrollment for a study of TC-5619 as a treatment for negative symptoms and cognitive dysfunction in schizophrenia remains ongoing, with top-line results now expected in the fourth quarter of 2013. Enrollment is also continuing for a study of AZD3480 as a treatment for mild to moderate Alzheimer’s disease, with top-line results now expected in the middle of 2014. In addition, Targacept is conducting preparatory activities for a planned Phase 2b study of TC-5214 as a treatment for overactive bladder that it expects to initiate in the first half of 2013.