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Targacept Hopes To Raise Up to $65 Million With IPO

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WINSTON-SALEM, N.C. — Biopharmaceutical firm


has refiled plans for an initial public offering, hoping to raise up to $65 million.

Targacept canceled an IPO last year.

In a filing with the SEC on Thursday, Targacept said it would offer 5 million shares with a target price of between $11 and $13. An additional 750,000 shares would be offered by the underwriters of the IPO.

Targacept intended to raise more than $80 million in 2005. The drug development firm, which is focused on treatments of central nervous system disorders, planned to sell 6.25 million shares between $11 and $13 a share but pulled the IPO due to market conditions.

If the IPO proceeds, Targacept would be listed on Nasdaq with the symbol "TRGT".

Underwriting the IPO are Deutsche Bank Securities, Pacific Growth Equities, CIBC World Markets and Lazard Capital Markets.

Targacept was launched in 1997 as a subsidiary of R.J. Reynolds Tobacco Company. It became an independent company in 2000 and since then has raised more than $120 million in venture funding. It has 74 employees.

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