Targacept to layoff 46 percent of workforce

Targacept is slashing its workforce by nearly half, part of a restructuring plan that comes one month after its lead drug candidate, a depression drug, failed the last of a series of phase 3 clinical trials.

The company is laying off 65 employees, approximately 46 percent of its staff. Also departing the company will be Chief Medical Officer Geoffrey Dunbar, who will retire from the Winston-Salem, North Carolina-based Targacept at the end of May…

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