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NED candidate selected as Chairman of Targacept

Authored by Karl Simpson

Dr. Stephen Hill, CEO of Targacept Inc. took charge of the company in December 2012. With just over a year in the job, he now has a new Chairman of the board after Mark Skaletsky stepped down for personal reasons. The company has appointed one of its non-executive board directors to the role of Chairman. John Richard will assume the Chairman role effective from January 1st 2014 but has been serving on the board of the company since 2002. Mr. Richard is connected with two investment companies which work in the life sciences sector, Phase4 Partners and Georgia Venture Partners, where he serves as Partner and Director.

Targacept Inc is a biopharmaceutical company engaged in the development of neuronal nicotinic receptors (NNR) therapeutics for the treatment of diseases and disorders of the nervous system. The product, TC-5619, failed a Phase IIb trial in late 2013 for the treatment of negative symptoms and cognitive dysfunction in schizophrenia. The company has faced some setbacks with this trial failure and the previously announced reduction in workforce, however, this year it will report on two further studies in Phase IIb, TC-5214 to treat overactive bladder and TC-1734 for Alzheimer’s disease.

CEO, Stephen Hill, said of Richard’s appointment ‘John has made countless contributions to building Targacept, and we’re grateful that we will continue to benefit from his insight and leadership in the expanded role.’

Liftstream is an executive search and interim management recruitment company working exclusively within the global life science sector. 

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