CUSIP No. 87611R 30 6

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

 

SCHEDULE 13G

(Rule 13d-102)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b),(c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

(Amendment No. 1)1

 

Targacept Inc.

(Name of Issuer)

 

Common Stock, $.001 par value

(Title of Class of Securities)

 

87611R 30 6

(CUSIP Number)

 

December 31, 2007

Date of Event Which Requires Filing of this Statement

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

o Rule 13d-1(b)

o Rule 13d-1(c)

x Rule 13d-1(d)

 

_________________________

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.

CUSIP No. 87611R 30 6

 

1)

Name of Reporting Person

I.R.S. Identification

No. of Above Person

(Entities Only)

EuclidSR Partners, L.P.

2)

Check the Appropriate Box

if a Member of a Group

(a) x

(b) o

3)

SEC Use Only

 

4)

Citizenship or Place

of Organization

Delaware

Number of

Shares Beneficially

Owned by Each

Reporting Person

With

5)

Sole Voting
Power

1,536,841 shares of Common Stock

6)

Shared Voting
Power

 

-0-

7)

Sole Dispositive
Power

1,536,841 shares of Common Stock

8)

Shared Dispositive Power

 

-0-

9)

Aggregate Amount Beneficially Owned by Each Reporting Person

1,536,841 shares of Common Stock

10)

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

11)

Percent of Class Represented by Amount in Row (9)

7.5%

12)

Type of Reporting Person

PN

 

CUSIP No. 87611R 30 6

 

1)

Name of Reporting Person

I.R.S. Identification

No. of Above Person

(Entities Only)

EuclidSR Biotechnology
Partners, L.P.

2)

Check the Appropriate Box

if a Member of a Group

(a) x

(b) o

3)

SEC Use Only

 

4)

Citizenship or Place

of Organization

Delaware

Number of

Shares Beneficially

Owned by Each

Reporting Person

With

5)

Sole Voting
Power

378,820 shares of Common Stock

6)

Shared Voting
Power

 

-0-

7)

Sole Dispositive
Power

378,820 shares of Common Stock

8)

Shared Dispositive Power

 

-0-

9)

Aggregate Amount Beneficially Owned by Each Reporting Person

378,820 shares of Common Stock

10)

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

11)

Percent of Class Represented by Amount in Row (9)

1.8%

12)

Type of Reporting Person

PN

 

CUSIP No. 87611R 30 6

 

Amendment No. 1 to Schedule 13G

 

Reference is hereby made to the statement on Schedule 13G filed with the Securities and Exchange Commission on February 26, 2007 (the “Schedule 13G”). Terms defined in the Schedule 13G are used herein as so defined.

 

The following Items of the Schedule 13G are hereby amended and restated as follows:

 

Item 4

Ownership.

 

 

(a)

Amount Beneficially Owned:

 

ESR Partners: 1,536,841 shares of Common Stock

ESR Biotech: 378,820 shares of Common Stock

 

(b) Percent of Class:

 

ESR Partners: 7.5%

ESR Biotech: 1.8%

 

 

(c)

Number of shares as to which such person has:

 

 

(i)

sole power to vote or to direct the vote:

 

ESR Partners: 1,536,841 shares of Common Stock

ESR Biotech: 378,820 shares of Common Stock

 

(ii) shared power to vote or to direct the vote: -0-

 

(iii) sole power to dispose or to direct the disposition of:

 

ESR Partners: 1,536,841 shares of Common Stock

ESR Biotech: 378,820 shares of Common Stock

 

(iv) shared power to dispose or to direct the disposition of: -0-

CUSIP No. 87611R 30 6

 

Signature:

 

After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

 

 

 

EUCLIDSR PARTNERS, L.P.

 

By:

EuclidSR Associates, L.P., General Partner

 

By:

/s/ Elaine V. Jones

 

 

General Partner

 

EUCLIDSR BIOTECHNOLOGY PARTNERS, L.P.

 

By:

EuclidSR Biotechnology Associates, L.P., General Partner

 

By:

/s/ Elaine V. Jones

 

 

General Partner

 

 

Date: February 11, 2008