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DURECT Corporation Announces First Quarter 2012 Financial Results and Update of Programs
Date:5/3/2012

CUPERTINO, Calif., May 3, 2012 /PRNewswire/ -- DURECT Corporation (Nasdaq: DRRX) announced today financial results for the three months ended March 31, 2012. Excluding the accelerated recognition of deferred revenue described below, DURECT's reported revenues would have been $5.8 million for the three months ended March 31, 2012 (as compared to $8.6 million for the same period in 2011) and reported net loss would have been $4.6 million for the three months ended March 31, 2012 (as compared to a net loss of $6.4 million for the same period in 2011).  Total revenues as reported under GAAP were $41.2 million and net income as reported under GAAP was $30.8 million for the three months ended March 31, 2012; these figures include the accelerated recognition of $35.4 million in deferred revenue associated with upfront fees previously received under terminated collaboration agreements.  This $35.4 million in revenue is non-recurring and has no cash flow impact for the quarter.

(Logo: http://photos.prnewswire.com/prnh/20020717/DRRXLOGO)At March 31, 2012, we had cash and investments of $26.4 million, compared to cash and investments of $30.8 million at December 31, 2011."This quarter was dominated by the POSIDUR™ clinical trial results and partnership terminations.  However, we continued to make progress with our development programs and we have recently reinforced the protection of our pipeline through 13 patent issuances and 2 patent allowances involving major and/or partnered programs that extend patent protection in large market jurisdictions to 2025 or beyond," stated James E. Brown, D.V.M., President and CEO of DURECT.  "In particular, we now have issued U.S. patents covering REMOXY® and our other ORADUR®-based opioid programs that extend to at least 2025 as well
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