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DURECT Corporation Announces Fourth Quarter and Year End 2010 Financial Results
Date:3/2/2011

CUPERTINO, Calif., March 2, 2011 /PRNewswire/ -- DURECT Corporation (Nasdaq: DRRX) announced today financial results for the three months and year ended December 31, 2010. Total revenues were $8.5 million for the three months ended December 31, 2010, up from $4.9 million for the three months ended December 31, 2009.  Net loss for the three months ended December 31, 2010 was $5.3 million, down from a net loss of $8.6 million for the same period in 2009.

(Logo: http://photos.prnewswire.com/prnh/20020717/DRRXLOGO)

For the fiscal year ended December 31, 2010, total revenues were $31.6 million, up from $24.5 million for the same period in 2009.  Net loss for the year ended December 31, 2010 was $22.9 million, down from a net loss of $30.3 million for the same period in 2009.

At December 31, 2010, we had cash and investments of $49.6 million, compared to cash and investments of $41.6 million at December 31, 2009.  We have no debt obligations, other than normal liabilities associated with running our business.

"2010 was a strong year for DURECT in product development and business development, with the establishment of a major collaboration around POSIDUR™ that enabled us to generate positive cash flow for the year," stated James E. Brown, D.V.M., President and CEO of DURECT.  "We look forward to the potential approval of REMOXY® in 2011 and subsequent launch by Pfizer."

Key milestones met in 2010 include:

  • Resubmission of the REMOXY NDA by King Pharmaceuticals, with an anticipated PDUFA goal date of June 23, 2011
  • Initiation of and continued enrollment in the POSIDUR U.S. pivotal Phase III trial
  • Establishment of Hospira as POSIDUR's development and commercialization partner for the U.S. and Canada
  • Commencement of a Phase IIb s
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