This in the news today:


Targacept eligible for $500,000 milestone payment from GlaxoSmithKline
May 05, 2008: 09:30 AM EST


NEW YORK (Associated Press) - Biopharmaceutical company Targacept Inc. said Monday it designated a lead compound in its smoking cessation program triggering $500,000 milestone payment from British drug maker GlaxoSmithKline Ltd.

Targacept is working to develop a new class of drugs known as neuronal nicotinic receptors (NNRs), a class of proteins in the nervous system that modulate the levels of key chemical messengers, such as dopamine, that are linked to nicotine's addictive effects.

In July 2007, Targacept and GlaxoSmithKline entered into a strategic alliance in which Targacept agreed to discover novel small molecule product candidates that target specified NNRs in five areas -- pain, smoking cessation, addiction, obesity and Parkinsons disease.