Targacept Announces Exercise of Underwriters’ Overallotment Option and Closing of $30.9 Million Public Offering
Winston-Salem, North Carolina: Targacept, Inc. (Nasdaq: TRGT), a clinical-stage biopharmaceutical company developing a new class of drugs known as NNR Therapeutics (TM), today announced that it has completed the previously announced underwritten public offering of shares of its common stock. The completed offering included 570,000 shares purchased by the underwriters upon exercise of their overallotment option. Targacept issued and sold a total of 4,370,000 shares in the offering, resulting in gross proceeds, before deducting underwriting discounts, commissions and offering expenses, of $30.9 million.
Deutsche Bank Securities Inc. was the sole book-running manager for the offering. Lazard Capital Markets LLC, Oppenheimer & Co. Inc. and Pacific Growth Equities, LLC were co-managers for the offering.
The offering was made pursuant to an effective shelf registration statement that Targacept previously filed with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectus, including the prospectus supplement, for the offering can be obtained from Deutsche Bank Securities Prospectus Department, 100 Plaza One, Second Floor, Jersey City, NJ 07311, telephone: 800-503-4611.
