DURECT Announces Initial Public Offering
Cupertino, CA-
September 28, 2000
DURECT Corporation today announced the initial public offering of 7,000,000 shares of its Common Stock at a price to the public of $12 per share. Durect Corporation’s Common Stock will be listed on the NASDAQ National Market under the symbol "DRRX" and will begin trading on September 28, 2000.
The offering is being managed by Morgan Stanley Dean Witter, Chase H&Q and CIBC World Markets, Corp. Durect has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares at the initial public offering price to cover over-allotments, if any.
DURECT Corporation is pioneering the treatment of chronic diseases and conditions by developing and commercializing pharmaceutical systems to deliver the right drug to the right place in the right amount at the right time. DURECT’s pharmaceutical systems can enable new drug therapies or optimize existing therapies based on a broad range of compounds, including small molecule pharmaceuticals as well as biotechnology molecules such as proteins, peptides and genes. DURECT’s initial portfolio of products combine the DUROS® technology, a proven and patented drug delivery platform licensed for specified fields of use from ALZA Corporation with drugs for which medical data on efficacy and safety are available.
A prospectus relating to these securities may be obtained from Morgan Stanley Dean Witter, 1585 Broadway, New York, NY 10019, Chase H&Q, One Bush Street, San Francisco, CA 94104 or CIBC World Markets, Corp. 200 Liberty Street, New York, NY 01281.
A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation to buy, nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
For further information please contact:
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DURECT Corporation
Tom Schreck
Chief Financial Officer
Phone: (408) 777-1825
Tom.Schreck@Durect.com
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Noonan/Russo Communications
Tom Baker
Media Relations
Phone: (415) 677-4455 Ext. 370
T.Baker@NoonanRusso.com
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