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ADHD Drug Study Receives Further Funding

July 8th 2009

Targacept Inc. announced that its drug development partner AstraZeneca agreed to pay $10 million to further develop an experimental drug to treat attention deficit/hyperactivity disorder (ADHD).
By Alfi

Targacept Inc. announced that its drug development partner AstraZeneca agreed to pay $10 million to further develop AZD3480, Targacept’s experimental drug to treat attention deficit/hyperactivity disorder (ADHD), according to several reports.

Targacept said it would be eligible for $100 million through its partnership with AstraZeneca if development and sales goals are met, according to Reuters.

AZD3480 has completed midstage development tests for ADHD, despite earlier failed tests for the treatment of schizophrenia and Alzheimer’s.

Jon LeCroy, an analyst for Natixis Bleichoreder, told Reuters he did not expect AstraZeneca to proceed with ADHD trials.

"AstraZeneca was more focused on schizophrenia and Alzheimer's, the ADHD trial was actually instituted by Targacept on their own,” he told Reuters. “AstraZeneca did not originally want to do that trial."

Targacept, which had revenues over $20 million last year, develops drugs called neuronal nicotinic receptor therapeutics, or NNR’s, which treat central nervous system disorders, according to the Associated Press.