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DURECT Corporation Announces First Quarter 2011 Financial Results and Update of Programs
Date:5/5/2011

135,005Short-term restricted investments-66Accounts receivable3,8163,716Inventories2,9562,836Prepaid expenses and other current assets2,6502,785Total current assets47,79354,845Property and equipment, net1,7521,776Goodwill6,3996,399Intangible assets, net6771Long-term investments 2,6743,197Long-term restricted Investments867867Other long-term assets393405Total assets$
59,945$
7,560LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$
879$
981Accrued liabilities3,9766,524Contract research liability2,9772,109Deferred revenue, current portion8,0868,079Other short-term liabilities214216Total current liabilities16,13217,909Deferred revenue, noncurrent portion32,82934,849Other long-term liabilities324315Stockholders’ equity10,66014,487Total liabilities and stockholders’ equity$
59,945$
7,560(1)  Derived from audited financial statements.DURECT CORPORATIONSTATEMENTS OF OPERATIONS DATA(in thousands, except per share amounts)(unaudited)Three months ended March 31, 20112010Collaborative research and development and other revenue

$
5,512$
3,816Product revenue, net

3,0923,850Total revenues

8,6047,666Operating expenses:Cost of revenues (1)

1,4011,378Research and development (1)

9,8809,421Selling, general and administrative (1)

3,7163,502Total operating expenses

14,99714,301Loss from operations

(6,393)(6,635)Other income (expense):Interest and other income

4011Interest and other expense

(4)(2)Net other income 369Net loss$
(6,357)$
(6,626)Net loss per share, basic and diluted

$
(0.07)$
(0.08)Shares used in computing basic and diluted net loss per share

87,27086,756(1) Includes stock-based compensation related to the following:Cost of revenues$
85$
84Research and development

1,1271,277Selling, general and administrative

571669Total stock-based compensation

$
,783$
2,030
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SOURCE DURECT Corporation
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