CUPERTINO, Calif., Feb. 4, 2021 /PRNewswire/ -- DURECT
Corporation (Nasdaq: DRRX) ("DURECT"), a biopharmaceutical company
committed to transforming the treatment of acute organ injury and
chronic liver diseases by advancing novel and potentially
lifesaving therapies based on its endogenous epigenetic regulator
program, today announced the pricing of its underwritten public
offering of 17,708,333 shares of its common stock (the "Offering")
for gross proceeds of approximately $42,500,000, before deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by DURECT. The offering is expected to close on or about
February 8, 2021, subject to
customary closing conditions. In addition, DURECT has granted the
underwriter for the Offering a 30-day option to purchase up to an
additional 2,656,249 shares of its common stock.
Cantor Fitzgerald & Co. is acting as the sole book running
manager for the Offering.
The underwriter may offer the shares from time to time for sale
in one or more transactions on the Nasdaq Capital Market, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices.
On February 3, 2021, the last sale
price of the shares as reported on the Nasdaq Capital Market was
$2.87 per share.
DURECT intends to use the net proceeds of the Offering for
general corporate purposes, which may include clinical trials,
research and development activities, capital expenditures, selling,
general and administrative costs, facilities expansion, and to meet
working capital needs.
The Offering is being made pursuant to a "shelf" registration
statement on Form S-3 (File No. 333-226518) previously filed by
DURECT with the Securities and Exchange Commission (the "SEC") on
September 28, 2019 and declared
effective by the SEC on October 9,
2018. The Offering is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A preliminary prospectus
supplement describing the terms of the Offering and the
accompanying prospectus have been filed with the SEC. Before you
invest, you should read the registration statement, the preliminary
prospectus, the documents that DURECT has filed with the SEC that
are incorporated by reference into the registration statement, and
the other documents DURECT has filed with the SEC for more complete
information about DURECT and the Offering. You may get these
documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, copies of the final prospectus and the
accompanying prospectus relating to the Offering can be obtained,
when available, from Cantor Fitzgerald & Co., Attn: Capital
Markets, 499 Park Avenue, 6th floor, New
York, NY 10022; Email: prospectus@cantor.com. The final
terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About DURECT Corporation
DURECT is a biopharmaceutical company committed to transforming
the treatment of acute organ injury and chronic liver diseases by
advancing novel and potentially lifesaving therapies based on its
endogenous epigenetic regulator program. DUR-928, the company's
lead drug candidate is in clinical development for the potential
treatment of alcohol-associated hepatitis (AH) for which FDA has
granted a Fast Track Designation, COVID-19 patients, and
non-alcoholic steatohepatitis (NASH). DURECT's proprietary drug
delivery technologies are designed to enable new indications and
enhanced attributes for small-molecule and biologic drugs. POSIMIR®
(bupivacaine solution) for infiltration use, a non-opioid analgesic
utilizing the innovative SABER® platform technology, is now
FDA-approved.
Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements related to the Offering, regarding
the potential uses and benefits of POSIMIR, the potential for
DUR-928 to treat patients with AH, NASH, COVID-19, or other acute
organ injury and chronic liver diseases, and plans for clinical
development of DUR-928. These forward-looking statements are
only predictions based upon management's current information and
expectations, are subject to known and unknown risks, and involve a
number of uncertainties. Actual events and results may differ
materially from those projected in such forward-looking statements
as a result of various factors, including market risks and
uncertainties and the satisfaction of customary closing conditions
for an offering of securities, as well as potential risks and
uncertainties that POSIMIR will not achieve a successful commercial
launch, that the clinical trial of DUR-928 in AH is delayed due to
COVID-19 or other factors or that the clinical trial of DUR-928 in
COVID-19 patients is delayed or stopped because of changes to the
standard of care, the availability of alternative therapies,
protocol changes or lack of available patients, the risk that
clinical trials of DUR-928 take longer to conduct than anticipated,
do not confirm the results from earlier clinical or pre-clinical
trials, or do not demonstrate the safety or efficacy or the life
saving potential of DUR-928 in a statistically significant manner,
and risks related to our ability to obtain capital to fund
operations and expenses. For a discussion of these and other
factors, please refer to DURECT's Annual Report on Form 10-K for
the year ended December 31, 2019,
DURECT's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020, as well as
DURECT's subsequent filings with the SEC. You are cautioned not to
place undue reliance on these forward-looking statements. All
forward-looking statements contained in this press release speak
only as of the date on which they were made, and DURECT undertakes
no obligation to revise or update such statements to reflect events
that occur or circumstances that exist after the date on which they
were made.
NOTE: POSIMIR® and SABER® are trademarks of DURECT Corporation.
Other referenced trademarks belong to their respective
owners. DUR-928 is an investigational drug candidate under
development and has not been approved for commercialization by the
U.S. Food and Drug Administration or other health authorities for
any indication.
View original
content:http://www.prnewswire.com/news-releases/durect-corporation-announces-pricing-of-42-5-million-public-offering-of-common-stock-301222394.html
SOURCE DURECT Corporation