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Targacept Appoints Stephen A. Hill, M.D., President And Chief Executive Officer

Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics ™, today announced that Stephen A. Hill, M.D. has been appointed as President and Chief Executive Officer. Dr. Hill is expected to start with Targacept on December 1, 2012 and will also join Targacept’s Board of Directors.

Dr. Hill brings over 20 years of industry experience to the role, having served previously as President and Chief Executive Officer of Solvay Pharmaceuticals, Inc. and ArQule, Inc. At Solvay, he led an organization of over 1,200 employees until its acquisition by Abbott Laboratories in 2010. Dr. Hill’s responsibilities included the direct management of the U.S. commercial organization and administrative support of U.S.-based clinical development, project management, quality, regulatory affairs and new business development. At ArQule, he led a successful transition from a fee-for-service discovery chemistry model to an enterprise with a proprietary clinical-stage pipeline. Prior to ArQule, Dr. Hill held several leadership positions with F. Hoffmann-La Roche Ltd., including Global Head of Clinical Development.

“Steve’s appointment is the culmination of a robust selection process designed to identify the right person to take the helm at Targacept and drive value creation,” said Mark Skaletsky, Chairman of Targacept’s Board of Directors. “Steve is a seasoned leader with an impressive background of achievement. He brings to Targacept substantial executive, operational and portfolio development experience. We welcome Steve to the organization and look forward to working with him in the years to come.”

“I am delighted to join Targacept and look forward to working with the management team, employees and Board. I believe there is tremendous potential at Targacept to build upon a strong scientific and financial foundation and a promising clinical portfolio to deliver new treatment options to patients in need,” said Dr. Hill. “As I immerse myself in the business over the coming months, I will work with the team to execute a plan aimed towards leveraging our strengths to benefit patients and our employees and create value for our stockholders.”

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