CUPERTINO, Calif., June 20, 2019 /PRNewswire/ -- DURECT
Corporation ("DURECT" or the "Company") (Nasdaq: DRRX) today
announced that it has entered into a securities purchase agreement
with certain investors pursuant to which, subject to the terms and
conditions expressed therein, the Company agreed to sell and the
investors agreed to purchase 29,000,000 shares of common stock of
the Company at a price per share of $0.52. The net proceeds, after estimated expenses
of the offering payable by the Company, will be approximately
$15.0 million. No placement agent or
broker dealer was used or participated in the offering. The
offering is expected to close on or about June 24, 2019, subject to customary closing
conditions.
A registration statement on Form S-3 (File No. 333-226518)
relating to the shares of common stock to be issued in this
offering was declared effective by the Securities and Exchange
Commission on October 9, 2018. The
offering of these securities is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement, copies of which can be
obtained on the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sales of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About DURECT Corporation
DURECT is a biopharmaceutical company actively developing
therapeutics based on its Epigenetic Regulator Program and
proprietary drug delivery platforms. DUR-928, a new chemical entity
in Phase 2 development, is the lead candidate in DURECT's
Epigenetic Regulator Program. An endogenous, orally bioavailable
small molecule, DUR-928 has been shown in preclinical studies to
play an important regulatory role in lipid homeostasis,
inflammation, and cell survival. Human applications may include
acute organ injury such as Alcoholic Hepatitis (AH) and acute
kidney injury (AKI), chronic hepatic diseases such as nonalcoholic
steatohepatitis (NASH), and inflammatory skin conditions such as
psoriasis and atopic dermatitis. DURECT's advanced oral and
injectable delivery technologies are designed to enable new
indications and enhanced attributes for small-molecule and biologic
drugs. Late stage product candidates in this category include
POSIMIR® (bupivacaine extended-release solution), an
investigational locally-acting, non-opioid analgesic intended to
provide up to 3 days of continuous pain relief after surgery, and
ORADUR™ -Methylphenidate ER Capsules, approved in Taiwan as Methydur Sustained Release Capsules,
where it is indicated for the treatment of attention deficit
hyperactivity disorder (ADHD). In addition, for the assignment of
certain patent rights, DURECT receives single digit sales-based
earn-out payments from U.S. net sales of Indivior's
PERSERIS™ (risperidone) drug for schizophrenia, which
was commercially launched in February
2019. For more information about DURECT, please visit
www.durect.com.
DURECT Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements related to
the Company's registered direct offering of common stock, the
closing of the offering, the clinical trials of DUR-928 in AH
patients and the potential use of DUR-928 to treat AH, AKI, chronic
hepatic diseases such as NASH, and inflammatory skin disorders such
as psoriasis and atopic dermatitis. These forward-looking
statements are based upon the Company's current expectations.
Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of risks and uncertainties, which include, without
limitation, risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed offering and other risks such as the risk
of delays in the enrollment of the ongoing clinical trials of
DUR-928 in AH, NASH and psoriasis, potential adverse effects
arising from the testing or use of DUR-928, the risk that the FDA
may not approve the POSIMIR NDA detailed in DURECT's filings with
the Securities and Exchange Commission including DURECT's Form 10-Q
for the quarter ended March 31, 2019.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. There can be no assurance that DURECT will close the
offering of shares of common stock. Forward-looking statements
contained in this press release are made as of this date, and
DURECT undertakes no duty to update such information except as
required under applicable law.
NOTE: ORADUR™, POSIMIR® and
SABER® are trademarks of DURECT Corporation. Other
referenced trademarks belong to their respective owners. DUR-928,
ORADUR-Methylphenidate ER Capsules and POSIMIR are drug candidates
under development and have not been approved for commercialization
by the U.S. Food and Drug Administration or other health
authorities. Full prescribing information for PERSERIS, including
BOXED WARNING, and Medication Guide can be found at
www.perseris.com.
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SOURCE DURECT Corporation