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DURECT Corporation Announces First Quarter 2013 Financial Results and Update of Programs
Date:5/2/2013

CUPERTINO, Calif., May 2, 2013 /PRNewswire/ -- DURECT Corporation (Nasdaq: DRRX) announced today financial results for the first quarter of 2013. Total revenues were $4.2 million and net loss was $5.2 million for the three months ended March 31, 2013.  For comparison, total GAAP revenue was $41.2 million and net income was $30.8 million for the three months ended March 31, 2012.  The revenue for the first quarter of 2012 included the accelerated recognition of $35.4 million in deferred revenue associated with upfront fees previously received under terminated collaboration agreements; this revenue was non-recurring and had no cash flow impact.  Adjusting for this non-recurring revenue, revenue for the first three months ended March 31, 2012 would have been $5.8 million and net loss would have been $4.6 million. 

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At March 31, 2013, we had cash and investments of $25.5 million, compared to cash and investments of $28.9 million at December 31, 2012."We were pleased to announce on April 16 that we had submitted the New Drug Application (NDA) for POSIDUR and look forward to the FDA's review," stated James E. Brown , D.V.M., President and CEO of DURECT.  "The FDA's recent decisions to allow updated labeling for opioids that demonstrate abuse-deterrent properties and not to allow generics against the original OxyContin® are positive developments for REMOXY®.  Pfizer recently stated that they had a productive meeting with the FDA in late March and we note the recent additional patent issuance extending coverage of REMOXY in the U.S. to at least 2031.  Another positive event during the first quarter was our collabor
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