DURECT Corporation Invites You to Join Its Fourth Quarter and Year End 2003 Conference Call on the Web

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CUPERTINO, Calif., Jan. 27 /PRNewswire-FirstCall/ — In conjunction with
DURECT Corporation’s (Nasdaq: DRRX) fourth quarter and year end 2003 financial
results press release, you are invited to listen to its conference call that
will be broadcast live over the Internet on Tuesday, February 10, 2004 at
4:30 p.m. EST with Jim Brown, President and Chief Executive Officer,
Tom Schreck, Chief Financial Officer and Felix Theeuwes, Chairman and Chief
Scientific Officer.

    (Logo:  http://www.newscom.com/cgi-bin/prnh/20020717/DRRXLOGO )

    What:      DURECT Corporation's Fourth Quarter and Year End 2003 Earnings
               Conference Call
    When:      Tuesday, February 10th, 2004, 4:30 p.m. EST
    Where:     www.www.durect.com and click "Investor Relations"
               Live over the Internet -- Simply log on to the Web at the
               address listed above.
    Contact:   Schond Greenway, DURECT Corporation, schond.greenway@durect.com

If you are unable to participate during the live webcast, the call will be
archived on DURECT’s website under Audio Archive in the “Investor Relations”

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. DURECT’s lead product in development, the
CHRONOGESIC(R) (sufentanil) Pain Therapy System, is intended to target
patients with opioid responsive chronic pain that results from a variety of
causes. The CHRONOGESIC(R) product is intended to deliver sufentanil
continuously within the therapeutic window, at physician prescribed doses for
three months of pain therapy. In addition to its rights to the CHRONOGESIC
product, 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).

DURIN(TM) are trademarks of DURECT Corporation.

The statements in this press release regarding DURECT’s products in
development and product development plans and projected financial results, 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 complete the design, development, and manufacturing
process development of its products, manufacture and commercialize its
products, obtain product and manufacturing approvals from regulatory agencies,
manage its growth and expenses, manage relationships with third parties,
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, 2002 filed with the SEC on March 14, 2003, DURECT’s Quarterly
Report on Form 10Q and other periodic reports filed with the SEC under the
heading “Factors that may affect future results.”

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.


Schond L. Greenway, Senior Director, IR and Strategic Planning
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020717/DRRXLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840/
/Web site: http://www.www.durect.com

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