DURECT Corporation Announces Proposed Public Offering of Common Stock

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CUPERTINO, Calif., Oct 27, 2005 /PRNewswire-FirstCall via COMTEX News Network/ — DURECT Corporation
(Nasdaq: DRRX) announced today a proposed offering of 7,400,000 shares of its
common stock and 32,256 shares of common stock owned by certain selling
stockholders. The Company and a selling stockholder intend to grant the
underwriters an option to purchase 820,368 and 294,470 shares of common stock,
respectively, to cover over-allotments, if any. The selling stockholders
include certain executive officers of the Company.

Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Incorporated
are acting as lead underwriters for the offering, with Morgan Stanley as sole
bookrunning manager. CIBC World Markets Corp. and WR Hambrecht + Co, LLC are
acting as additional underwriters.

Copies of the preliminary prospectus relating to this offering may be
obtained from Morgan Stanley & Co. Incorporated, Attn: Prospectus Department,
1585 Broadway, New York, NY, 10036 (tel: (212) 761-6775). The offering will
be made only by means of the prospectus.

The offering is being made pursuant to an effective shelf registration
statement. 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.

About DURECT Corporation

DURECT Corporation is an emerging specialty pharmaceutical company focused
on the development of pharmaceutical systems based on its proprietary drug
delivery platform technologies. The company is developing pharmaceutical
systems to deliver the right drug to the right place in the right amount at
the right time to treat chronic and episodic diseases and conditions.


Schond L. Greenway, Executive Director, Investor Relations and Strategic Planning, of
DURECT Corporation, +1-408-777-1417

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