CUPERTINO, Calif., Nov. 13, 2013 /PRNewswire/ -- DURECT Corporation (Nasdaq: DRRX) today announced the closing of an underwritten public offering of 7,142,858 shares of its common stock, offered at a price of $1.40 per share to the public. All of the shares in the offering were sold by DURECT. DURECT granted the underwriters a 30-day option to purchase up to an aggregate of 1,071,429 additional shares and the underwriters exercised this option in full prior to the closing. As a result, DURECT sold a total of 8,214,287 shares of its common stock in this offering. The gross proceeds to DURECT from this offering were approximately $11.5 million, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by DURECT.
Stifel acted as sole book-running manager for the offering and Janney Montgomery Scott acted as co-manager.
Felix Theeuwes, DURECT's Chairman and Chief Scientific Officer, purchased 714,285 shares of the 8,214,287 shares of common stock in the offering, at the public offering price, for an aggregate purchase price of approximately $1.0 million.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and is effective. A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's web site at www.sec.gov. When available, copies of the final prospectus supplement may also be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling (415) 364-2500.
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 jurisdiction.
About DURECT Corporation
DURECT is a specialty pharmaceutical company developing innovative drugs for pain and chronic diseases, with late-stage development programs including REMOXY®, POSIDUR™, ELADUR®, and TRANSDUR®-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.
NOTE: POSIDUR™, SABER®, ORADUR®, TRANSDUR® and ELADUR® are trademarks of DURECT Corporation. Other referenced trademarks belong to their respective owners. REMOXY, POSIDUR, ELADUR, TRANSDUR-Sufentanil, ORADUR-Methylphenidate and Relday are drug candidates under development and have not been approved for commercialization by the U.S. Food and Drug Administration or other health authorities.
SOURCE DURECT Corporation
Matthew J. Hogan, Chief Financial Officer, DURECT 408-777-4936