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October 8, 2012
Targacept Cuts Way Back
Posted by Derek
It hasn't been good over at Targacept. They had a big antidepressant failure a while back, and last month ended development of an ADHD drug, the nicotinic acetylcholine receptor ligand TC-5619.
They cut back staff back in the spring, and the CEO departed. Now the expected has happened: the company has apparently laid off everyone in research, and is conserving what cash it has to try to get something to the deal-making point. A sad, but familiar story in this business. . .sometimes companies come back after this point, and sometimes the event horizon turns out to have been passed.
Comments (5)
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1. entropyGain on October 8, 2012 1:27 PM writes...
"event horizon"
Permalink to CommentExcellent metaphor - especially when relativistic effects take hold of the ship crossing it and time seems to stretch from the perspective of the passengers...
2. David Formerly Known as a Chemist on October 8, 2012 1:47 PM writes...
I can't imagine there are many alternative career opportunities for the laid-off scientists in that biotech mecca known as Winston-Salem, NC. And the RTP area is about as dry these days. It's a tough industry to be in, that's for sure.
Permalink to Comment3. Anonymous on October 9, 2012 8:40 PM writes...
How about med Chem. Any losses there?
Permalink to Comment4. Anonymous on October 9, 2012 8:40 PM writes...
How about med Chem. Any losses there?
Permalink to Comment5. Anonymous on October 10, 2012 9:16 PM writes...
#3, nothing left.
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