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DURECT Corporation Announces Third Quarter 2008 Financial Results
Date:11/3/2008

CUPERTINO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- DURECT Corporation (Nasdaq: DRRX) announced today financial results for the three months ended September 30, 2008. Total revenues were $6.6 million for the three months ended September 30, 2008, compared to $4.9 million for the same period in 2007. Net loss for the three months ended September 30, 2008 was $9.2 million, compared to a net loss of $7.9 million for the same period in 2007.

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At September 30, 2008, we had cash and investments of $38.9 million, compared to cash and investments of $62.0 million at December 31, 2007; these figures include restricted investments of $1.0 million at September 30, 2008 and at December 31, 2007.

Based on our financial results in the first three quarters of 2008, the receipt of a $20 million upfront license fee from Alpharma in the fourth quarter of 2008 and a review of projections for the remainder of 2008, we are now revising our financial guidance for cash burn in 2008 from $32-36 million to approximately $10-12 million. Assuming that none of the other business development opportunities that we are currently pursuing close this year, we anticipate ending 2008 with more than $50 million in cash and investments.

"The first major event for us since the end of the second quarter was the granting of Priority Review status by the FDA of the New Drug Application (NDA) for REMOXY(R), which represents the first NDA filing for a product candidate based on one of DURECT's platform technologies," stated James E. Brown, D.V.M., President and CEO of DURECT. "The second major event for us was th
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