Targacept net operating revenues rise marginally in Q3

Targacept has posted a net income of $2.49m for the third quarter 2010, or $0.08 per diluted share, compared to $1.33m, or $0.05 per diluted share, for the comparable period in 2009.

Operating income was $2.42m, compared to $1.2m for the comparable period in 2009.

Targacept has posted net operating revenues of $62.22m, for the nine months ended 30 September 2010, compared to $21.63m for the year ago period.

For the nine months ended 30 September 2010, Targacept has posted a net income of $13.06m, or $0.43 per diluted share, compared to net loss of $13m, or $0.52 loss per diluted share, for the year ago period.

Operating income was $14.47m, compared to operating loss of $13.7m for the year ago period.

Targacept president and CEO Donald deBethizy said that the third quarter saw continued execution of the clinical programs for their product candidates.

"The Renaissance Program for TC-5214 as an adjunct to antidepressant therapy for major depressive disorder is now well underway, and we continue to expect AstraZeneca to file an NDA in the second half of 2012," deBethizy said.

"Clinical trial results for our first-in-class product candidates for cognitive disorders have yielded mixed efficacy results, but have validated our ability to design and develop selective, well tolerated nicotinic compounds.

"We continue to believe in the promise of NNR Therapeutics for treating cognitive disorders and also look forward to expanding our clinical focus with the expected initiation of a learning trial of TC-6987 in patients with asthma before year end."