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Dr. deBethizy is a co-founder of Targacept, Inc. and has served as President and Chief Executive Officer, since its spinout from R. J. Reynolds Tobacco Company in August 2000, and has served as Targacept's President since its inception in 1997. Previously, Dr. deBethizy held positions of increasing responsibility at RJR, including Vice President of Product Evaluation, Research and Development, where he was responsible for development, regulatory affairs and market introduction of reduced risk products. At Targacept, Dr. deBethizy played a key role in development of a portfolio of clinical stage novel small molecules targeting central nervous system diseases, and in developing business relationships with AstraZeneca, Aventis, and Dr. Falk Pharma. Dr. deBethizy led Targacept’s Initial Public Offering (IPO) in April, 2006, raising $45 million; during Targacept's years as a private company, he was instrumental in raising $123 million in venture capital.
Dr. deBethizy co-authored Innovation That Fits: Moving Beyond the Fads to Choose the Right Innovation Strategy for Your Business published by Prentice Hall. Dr. deBethizy was recognized by Ernst & Young as Emerging Company Entrepreneur of the Year in 2002 for his leadership in founding Targacept, and in June of that year, Targacept was also the subject of a Best Practice case study article in the Harvard Business Review entitled Spinning Out a Star.
Within the Winston-Salem community, he has served on the board of directors of the Winston-Salem Chamber of Commerce, Idealliance!, Forsyth Technical Community College Foundation, United Way of Forsyth County, Piedmont Triad Partnership, and the Board of Visitors of Winston-Salem State University. He is currently on the advisory board of Piedmont Triad Entrepreneurs Network (PTEN) and was recently elected to the Emerging Companies Section Governing Body of the Biotechnology Industry Organization (BIO). In December, 2006, he joined the Board of Directors of LigoCyte Pharmaceuticals.
In July, 2002, Dr. deBethizy was recognized as the "Carolinas Entrepreneur of the Year" by the professional services firm Ernst and Young. | 