Targacept restructuring after clinical setbacks

Targacept Inc. (NASDAQ:TRGT) will reduce headcount by 65, or 46%, following several clinical setbacks in recent months. Targacept said the cuts will save about $12.9 million in operating expenses going forward.

In March, Targacept and partner AstraZeneca plc (LSE:AZN; NYSE:AZN) abandoned plans to submit regulatory applications for depression product TC-5214 after it missed the primary endpoint in the four Phase III efficacy trials in the RENAISSANCE program (see BioCentury. March 20). ...