CUPERTINO, Calif., Nov. 12 /PRNewswire-FirstCall/ —
DURECT Corporation (Nasdaq: DRRX) announced today that it has amended its
development and commercialization agreement with ALZA Corporation under which
DURECT holds exclusive rights to develop, commercialize and manufacture
products using ALZA’s patented DUROS(R) technology in selected fields of use.
Under the amended agreement, DURECT’s maintenance of exclusivity in its
licensed fields is no longer subject to minimum annual requirements for
development spending or the number of products it has under development.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020717/DRRXLOGO )
“These changes to the agreement align more closely the interests of DURECT
and ALZA and further strengthen the collaboration between the two companies,”
said Dr. James Brown, DURECT’s President and CEO. “We believe that this will
greatly enhance our ability to focus our resources on the continued
development of therapies incorporating the DUROS technology.”
The commercial diligence requirements under the previous agreement were
also amended to provide that DURECT retain exclusive commercialization rights
to products developed under this Agreement on a worldwide basis as long as
DURECT has commercialized such products in selected major market countries.
In addition, ALZA and DURECT may collaborate to commercialize selected
products under specified terms.
DURECT Corporation (www.www.durect.com) is pioneering the development and
commercialization of pharmaceutical systems for the treatment of chronic
debilitating diseases and enabling biotechnology-based pharmaceutical
products. DURECT’s goal is to deliver the right drug to the right site in the
right amount at the right time. In November 2001, DURECT completed a pilot
phase III program for the CHRONOGESIC(TM) (sufentanil) Pain Therapy System, a
3-month product for the treatment of chronic pain. DURECT owns three
proprietary drug delivery platform technologies, including the SABER(TM)
Delivery System (a patented and versatile depot injectable useful for protein
delivery), the MICRODUR(TM) Biodegradable Microparticulates (microspheres
injectable system) and the DURIN(TM) Biodegradable Implant (drug-loaded
implant system).
NOTE:
CHRONOGESIC(TM) is a trademark of DURECT Corporation. SABER(TM)
MICRODUR(TM) and DURIN(TM) are trademarks of Southern BioSystems, Inc., a
wholly owned subsidiary of DURECT Corporation. DUROS(R) is a registered
trademark of ALZA Corporation.
The statements in this press release regarding DURECT’s products in
development and product development plans, are forward-looking statements
involving risks and uncertainties that can 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 research,
develop, manufacture and commercialize its products, obtain product and
manufacturing approvals from regulatory agencies, manage its growth and
expenses, finance its activities and operations, as well as marketplace
acceptance of DURECT’s products. Further information regarding these and other
risks is included in DURECT’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2001 filed with the SEC on March 28, 2002, under the
heading “Factors that may affect future results,” and other periodic reports
filed with the SEC. CHRONOGESIC is under development by DURECT and has not
been submitted or approved for commercialization by the US Food and Drug
Administration or other health authorities.
SOURCE:
DURECT Corporation
CONTACT:
Schond L. Greenway, Senior Director, Investor Relations and
Strategic Planning of DURECT Corporation, +1-408-777-1417, or
schond.greenway@durect.com/
Photo:
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