Targacept decided to expand its office and laboratory space in the Piedmont Triad Research Park (PTRP) in Winston-Salem, NC. The company currently occupies two floors of One Technology Place, or approximately 40,000 sq. ft., under a lease with Wake Forest University Health Services. According to the amended lease, Targacept will add 17,000 sq. ft. on a third floor. The lease has thus been extended through July 2012.
"Targacept is fortunate both to be in the PTRP and to have Wake Forest as our landlord," says J. Donald deBethizy, Ph.D., president and CEO of Targacept. "Their flexibility and support have allowed us, as an emerging company, to benefit from premier space that rivals that of larger pharmaceutical companies."
Targacept's expansion follows the decision from its collaborator, AstraZeneca, to continue development of Targacept's product candidate for Alzheimer's disease and cognitive deficits in schizophrenia. Targacept also recently announced its initiation of a Phase II trial for its candidate for acute postoperative pain and the initiation of a Phase I trial for its product for depression and anxiety disorders.