Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics (TM), today announced the following changes to its Board of Directors:
- M. James Barrett, Ph.D. and G. Steven Burrill have resigned their directorships, effective May 31, 2013. Dr. Barrett and Mr. Burrill first joined Targacept’s Board in 2002 and 2000, respectively, at the time of venture capital investments made in Targacept by their affiliated funds prior to Targacept’s initial public offering.
- Ralph Snyderman, M.D. has decided not to stand for reelection and will retire from Targacept’s Board effective May 31, 2013. Dr. Snyderman, who has been a member of the Board since June 2007, has reached the retirement age set forth in Targacept’s Corporate Governance Guidelines.
These decisions did not arise from any disagreement on any matter relating to Targacept’s operations, policies or practices. When the changes become effective, Targacept’s Board of Directors will be comprised of seven members, including Dr. Stephen A. Hill, Targacept’s President and Chief Executive Officer, and six independent directors ─ Charles A. Blixt, Julia R. Brown, Errol B. De Souza, Ph.D., Alan Dunton, M.D., John P. Richard and Mark Skaletsky.
“On behalf of the Board, I’d like to thank Jim, Steve and Ralph for their guidance and strategic oversight as Targacept has grown from an early-stage, venture-funded enterprise to a mature, clinically focused organization,” said Mark Skaletsky, Chairman of Targacept’s Board of Directors. “Their seasoned leadership and expertise over the years has helped give Targacept a solid foundation on which to continue to build.”
Targacept also announced that Jeffrey P. Brennan, Senior Vice President, Business and Commercial Development and Chief Business Officer, will be leaving the company as of March 31, 2013 to pursue other opportunities.“I would like to personally thank Jeff for his contributions to the company. Targacept has a promising future thanks in part to his efforts over the last 10 years,” said Dr. Stephen A. Hill, Targacept’s President and Chief Executive Officer.