* Expects to take a charge of $2.4 mln in 2012
* Sees annual savings of $12.9 mln
April 25 Targacept Inc cut 46 percent
of its workforce to focus on the development of its most
advanced drug pipeline.
The move by Targacept follows disappointing results from its
experimental drug, TC-6987, for diabetes and asthma in two
separate mid-stage trials.
The company, which is to report first-quarter results on May
3, said it will cut 65 jobs and take a charge of about $2.4
million in 2012. It also expects to save about $12.9 million
Targacept's drug, TC-5619, is in mid-stage trials for
schizophrenia and a type of attention deficit hyperactivity
disorder in adults. It has licensed two Alzheimer's disease
drugs, which are also in mid-stage trials, to AstraZeneca Plc
Shares of the company were trading slightly down at $5.00 on
Wednesday morning on the Nasdaq.