News Column

DURECT Corporation Announces Second Quarter 2014 Financial Results and Update of Programs

August 18, 2014

By a News Reporter-Staff News Editor at Clinical Trials Week -- DURECT Corporation (Nasdaq: DRRX) announced financial results for the second quarter of 2014. Total revenues were $4.6 million and net loss was $5.5 million for the three months ended June 30, 2014 as compared to total revenues of $3.9 million and net loss of $5.1 million for the three months ended June 30, 2013 (see also Durect Corporation).

At June 30, 2014, we had cash and investments of $37.3 million, compared to cash and investments of $21.8 million at March 31, 2014 and $24.4 million at December 31, 2013. At June 30, 2014, we had $19.8 million in long term debt.

"In the near future we expect to send to the FDA the POSIDUR() briefing package for our face-to-face meeting scheduled for late September. This meeting is intended to gain more clarity on the next steps that would be required to address the issues cited in the Complete Response Letter," stated James E. Brown, D.V.M., President and CEO of DURECT. "Regarding REMOXY(), Pfizer has five studies currently posted on, with one that was recently completed. Our licensee, Pain Therapeutics, announced recently that they expect to start a Phase 1 clinical trial with ORADUR()-Hydromorphone shortly with an expectation of starting a Phase 3 trial for this product candidate in 2015. Other programs, some of which are partnered and some of which are currently unpartnered, are progressing as well."

Keywords for this news article include: Durect Corporation.

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Source: Clinical Trials Week

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