DURECT Corporation Announces Exercise of Over-allotment Option in Initial Public Offering

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CUPERTINO, Calif., Nov. 2 /PRNewswire/ — DURECT Corporation (Nasdaq: DRRX)
today announced that the underwriters of its recent initial public offering of
common stock have exercised their over-allotment option in part and purchased an
additional 700,000 shares at the initial public offering price of $12.00 per
share. All of the over-allotment shares were sold by DURECT. After giving effect
to the sale of the over-allotment shares, a total of 7,700,000 shares of common
stock were offered and sold in the offering. The offering is being managed by
Morgan Stanley Dean Witter, Chase H&Q and CIBC World Markets, Corp.

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(R)
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.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or

The statements in this press release regarding DURECT’s products in
development, product development plans, clinical trials, and expected product
benefits are forward-looking statements involving risks and uncertainties that
could cause actual results to differ materially from those in such
forward-looking statements. Potential risks and uncertainties include, but are
not limited to, DURECT’s ability to develop, manufacturer and commercialize its
products, complete successful clinical trials, obtain product approvals from
regulatory agencies, build a manufacturing facility and marketplace acceptance
of DURECT’s products. Further information regarding these and other risks is
included in the company’s S-1 registration statement, filed with the SEC on
September 22, 2000 and its 424(b) prospectus filed with the SEC on September 28,

    For further information please contact:

    DURECT Corporation                     Noonan/Russo Communications
    Schond L. Greenway                     Tom Baker
    Director, Investor Relations            Media Relations
    Phone: (408) 777-1417                   Phone: (415) 677-4455 Ext. 370
    schond.greenway@durect.com       t.baker@noonanrusso.com
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