Targacept to Report Fourth Quarter and 2011 Financial Results on February 21, 2012

WINSTON-SALEM, N.C. -- (BUSINESS WIRE) -- Targacept Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing novel NNR Therapeutics^TM, today announced that it will report financial results for the fourth quarter and year ended December 31, 2011 on Tuesday, February 21, 2012, after the U.S. financial markets close.

Management will discuss the fourth quarter and year-end 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, February 21, 2012. The conference call may be accessed by dialing (800) 299-7098 for domestic participants and (617) 801-9715 for international callers (reference passcode 91718838). A replay of the conference call may be accessed from approximately 8:00 p.m. Eastern Time on February 21, 2012 through March 6, 2012 by dialing (888) 286-8010 for domestic callers and (617) 801-6888 for international callers (reference passcode 78232201).

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 An archived version of the webcast will also be available for replay on the Investor Calendar section of the Investor Relations page of Targacept’s website for at least two weeks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^TM 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 five mid to late-stage product candidates, all representing first-in-class opportunities. Targacept leverages its scientific leadership and proprietary drug discovery platform Pentad^TM 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.

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