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Targacept appoints new chairman of the board

Targacept names John Richard as chairman of its board

Associated Press

WINSTON-SALEM, N.C. (AP) -- Targacept Inc. said Wednesday that it has named John Richard as the new chairman of the drugmaker's board of directors.

Richard has been a non-executive director since November 2002 at the company, which focuses on treatments of nervous system and gastrointestinal diseases and disorders. He will continue to serve on the company's audit and compensation committees.

Targacept President and CEO Stephen Hill said that Richard has made countless contributions to the company and his extensive knowledge and experience should provide valuable strategic perspective.

Richard is a partner and director of two life science-focused investment firms, Phase4 Partners and Georgia Venture Partners. He is also a board member of Biota Pharmaceuticals and Zosano Pharma and serves as an adviser to Albireo AB and Nabriva Therapeutics AG.

Shares of Targacept, which is based in Winston-Salem, N.C., increased 2.6 percent, or 11 cents, to $4.27 by afternoon, outpacing broader gains in the market.