CUPERTINO, Calif., July 5, 2022
/PRNewswire/ -- DURECT Corporation (Nasdaq: DRRX), a
biopharmaceutical company focused on epigenetic regulation to
develop treatments for acute organ injury and chronic liver
diseases, today announced the appointment of Timothy M. Papp
as its Chief Financial Officer. In this new role, Mr. Papp
will direct and oversee all financial and capital markets
activities including accounting, financial reporting, financial
planning and analysis, financial strategy, and investor
relations.
"We are excited to welcome Tim to our executive
leadership team, as he brings his deep understanding of corporate
finance and corporate value drivers to DURECT," stated James E. Brown, D.V.M., President and Chief
Executive Officer of DURECT.
Mr. Papp brings over 25 years of corporate finance experience to
DURECT, including 15 years in the Biopharma sector. He joins
DURECT from RBC Capital Markets, where he was a Managing
Director of Healthcare Investment Banking. Previously, he served as
a Managing Director of Healthcare Investment Banking at Stifel, and
he also served in Investment Banking and Mergers & Acquisitions
roles at Cowen, Keybanc Capital Markets, and Rodman & Renshaw.
Mr. Papp graduated cum laude from Duke
University with a B.S. in Economics and earned an MBA from
The Wharton School of Business with a concentration in Finance.
Mr. Papp commented, "I believe that larsucosterol is an
underappreciated asset that has the potential to transform the
treatment of alcohol-associated hepatitis as well as other
indications. I am excited to join the DURECT team at this important
juncture of its corporate development."
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. Larsucosterol (also known as
DUR-928), DURECT's lead drug candidate, binds to and
inhibits the activity of DNA methyltransferases (DNMTs), epigenetic
enzymes which are elevated and associated with hypermethylation
found in alcohol-associated hepatitis (AH) patients. Larsucosterol
is in clinical development for the potential treatment of AH, for
which FDA has granted a Fast Track Designation; non-alcoholic
steatohepatitis (NASH) is also being explored. In addition,
POSIMIR® (bupivacaine solution) for infiltration use, a
non-opioid analgesic utilizing the innovative SABER® platform
technology, is FDA-approved and has been exclusively licensed
to Innocoll Pharmaceuticals for development and
commercialization in the United
States. For more information about DURECT, please
visit www.durect.com and follow us on
Twitter https://twitter.com/DURECTCorp.
DURECT Forward-Looking Statement
This press release
contains forward-looking statements that involve substantial risks
and uncertainties. Forward-looking statements include, without
limitation, statements regarding the clinical development
of larsucosterol (DUR-928) for potential treatment of AH,
the potential to develop larsucosterol for NASH or other
indications, the expected commercial launch
of POSIMIR by Innocoll and potential future
payments we may receive from Innocoll. Actual results or
events could differ materially from the plans, intentions,
expectations and projections disclosed in the forward-looking
statements. Various important factors could cause actual results or
events to differ materially, including, but not limited to, the
risk that the AHFIRM (Alcohol-associated Hepatitis to evaluate
saFety and effIcacy of laRsucosterol treatMent) trial takes longer
to conduct than anticipated due to COVID-19 or other factors, the
risk that ongoing and future clinical trials
of larsucosterol 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 larsucosterol in a statistically significant
manner, the risk that Innocoll may not
commercialize POSIMIR successfully, if at all, and risks
related to our ability to obtain capital to fund operations and
expenses, and other risks described in the "Risk Factors" section
of DURECT's Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission (SEC) on May 5,
2022, and in other filings filed from time to time with the
SEC. DURECT does not assume any obligation to update any
forward-looking statements, except as required by law. The 10-Q and
other public filings are available on our
website www.durect.com under the "Investors" tab.
NOTE: POSIMIR® is a trademark of Innocoll
Pharmaceuticals, Ltd. in the U.S. and a trademark
of DURECT Corporation outside of
the U.S. SABER® is a trademark of DURECT
Corporation. Other referenced trademarks belong to their
respective owners. Larsucosterol (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.
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SOURCE DURECT Corporation