Targacept increases loan from Reynolds Tobacco by $2 million

By Laura Lutz

Des Moines, July 7 - Targacept, Inc. increased its loan agreement from R.J. Reynolds Tobacco Holdings, Inc. by $2 million, bringing the total loan amount to $3,159,156.49.

The additional money is available through up to three draws until June 30, 2007. The interest on each will be the four-year U.S. Treasury rate at the time of the draw plus 250 basis points.

The maturity for each draw is 48 months.

Targacept, based in Winston-Salem, N.C., is a biopharmaceutical company that develops drugs to target neuronal nicotinic receptors.

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