DURECT Corporation Announces Pricing of Public Offering

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CUPERTINO, Calif., Nov. 2 /PRNewswire-FirstCall/ — DURECT Corporation
(Nasdaq: DRRX) announced today the pricing of its public offering of 7,400,000
shares of its common stock, including 32,256 shares of common stock offered by
certain selling stockholders, at $5.00 per share. The Company and a selling
stockholder have granted the underwriters a 30-day option to purchase 815,530
and 294,470 shares of common stock, respectively, to cover over-allotments, if
any. The selling stockholders include certain executive officers of the
Company. The Company expects to complete the sale of these shares on or about
November 7, 2005.

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 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.



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

/Web site: http://www.www.durect.com /

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