CUPERTINO, Calif., June 17 /PRNewswire-FirstCall/ — DURECT Corporation
(Nasdaq: DRRX) announced today that the remaining $23.6 million in 6.25%
Convertible Notes had been exchanged by the holders at their maturity date
into approximately 7.5 million shares, per the original terms of the
indenture. As a result, DURECT now has approximately 81.8 million shares of
common stock outstanding.
“We are pleased that our balance sheet has been strengthened by the
elimination of this debt and conversion into common stock,” stated
James E. Brown, DVM, President and CEO of DURECT.
About DURECT Corporation
DURECT is an emerging specialty pharmaceutical company developing
innovative drugs for pain and other chronic diseases, with late-stage
development programs including Remoxy(TM), POSIDUR(TM), ELADUR(TM), and
TRANSDUR(TM)-Sufentanil. DURECT’s proprietary (oral, transdermal and
injectable depot) delivery technologies enable new indications and superior
clinical/commercial attributes such as abuse deterrence, improved convenience,
compliance, efficacy and safety for small molecule and biologic drugs. For
more information, please visit http://www.www.durect.com.
NOTE: ORADUR(TM), POSIDUR(TM), ELADUR(TM) and TRANSDUR(TM) are trademarks
of DURECT Corporation. Other referenced trademarks belong to their respective
owners. Remoxy, POSIDUR, ELADUR and TRANSDUR-Sufentanil are drug candidates
under development and have not been approved for commercialization by the
US Food and Drug Administration or other health authorities.
SOURCE DURECT Corporation
CONTACT: Matt Hogan, Chief Financial Officer of DURECT Corporation,
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Web site: http://www.www.durect.com