DURECT Corporation Announces Exercise of Underwriters’ Over-Allotment Option

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CUPERTINO, Calif., Nov. 15 /PRNewswire-FirstCall/ — DURECT Corporation
(Nasdaq: DRRX) announced today that the underwriters of its recent public
offering of 7,400,000 shares of its common stock have exercised in full their
over-allotment option to purchase an additional 1,110,000 shares of common
stock, which includes 815,530 shares sold by DURECT and 294,470 shares sold by
James E. Brown, DURECT’s President and Chief Executive Officer.

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

The net proceeds to DURECT from the exercise of the over-allotment option
are approximately $3.8 million, after deducting underwriting discounts,
increasing the total net proceeds from the equity offering to approximately
$38.5 million. DURECT did not receive any proceeds from the sale of shares by
selling stockholders in the offering.

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

Copies of the 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 was 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.

DURECT Corporation
Schond L. Greenway, Executive Director, Investor Relations and
Strategic Planning of DURECT Corporation, +1-408-777-1417
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Web site: http://www.www.durect.com

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