Targacept Postpones Its Initial Public Offering

Targacept, a central nervous system-focused biopharmaceutical company, announced that it has postponed its previously announced initial public offering due to unfavorable market conditions. "We are fortunate to have the support and backing of our experienced life science investors. Having completed a $33 million private placement at the end of 2004 and given very difficult market conditions for life science IPOs, we did not feel that it was in our stockholders' interest to proceed with an IPO at this time," said J. Donald deBethizy, Targacept's president and chief executive officer.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=19220020&full=1)