Targacept to Report Third Quarter Financial Results on November 5, 2009

Targacept, Inc. (NASDAQ: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics(TM), today announced that it will report financial results for the third quarter ended September 30, 2009 on Thursday, November 5, 2009, after the U.S. financial markets close.

Management will discuss the third quarter results and 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 Standard Time on November 5, 2009. The conference call may be accessed by dialing 866-356-3377 for domestic participants and 617-597-5392 for international callers (reference passcode 20187838). A replay of the conference call may be accessed beginning approximately two hours after the event and continuing through November 19, 2009 by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers (reference passcode 17664421).

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 An archived version of the webcast will also be available on Targacept's website for at least two weeks following the call.

About Targacept

Targacept is a clinical-stage biopharmaceutical company that discovers and develops NNR Therapeutics(TM), a new class of drugs for the treatment of central nervous system diseases and disorders. Targacept's product candidates selectively modulate neuronal nicotinic receptors that serve as key regulators of the nervous system to promote therapeutic effects and limit adverse side effects. Targacept has clinical-stage product candidates in development for major depressive disorder, attention deficit/hyperactivity disorder, Alzheimer's disease and cognitive dysfunction in schizophrenia, as well as multiple preclinical programs. Targacept has a cognition-focused collaboration with AstraZeneca and a strategic alliance with GlaxoSmithKline. Targacept's news releases are available on its website at www.targacept.com.

SOURCE: Targacept, Inc.

Targacept, Inc. 
Alan Musso, 336-480-2186 
VP and CFO 
alan.musso@targacept.com 
or 
Linnden Communications 
Michelle Linn, 508-362-3087 
linnmich@comcast.com

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