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DURECT Corporation Announces Third Quarter 2010 Financial Results
Date:11/3/2010

CUPERTINO, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- DURECT Corporation (Nasdaq: DRRX) announced today financial results for the three months ended September 30, 2010. Total revenues were $8.1 million for the three months ended September 30, 2010 compared to $8.4 million for the three months ended September 30, 2009; revenues in the 2009 period included $3.0 million recognized from the sale of certain excipients used in REMOXY® to King Pharmaceuticals in prior periods. Net loss for the three months ended September 30, 2010 was $4.6 million, compared to a net loss of $5.5 million for the same period in 2009.

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At September 30, 2010, we had cash and investments of $53.0 million, compared to cash and investments of $41.6 million at December 31, 2009.

"Our pipeline of product candidates continued to advance during the third quarter while we maintained a modest burn rate," stated James E. Brown, D.V.M., President and CEO of DURECT.  "King Pharmaceuticals is preparing the NDA resubmission for REMOXY by year-end. King continues to enroll chronic low back pain patients in a Phase IIb clinical study of our proprietary bupivacaine patch, ELADUR™; we currently anticipate receiving top-line data from that study in the first half of 2011. Should Pfizer complete its acquisition of King, we believe that Pfizer will bring added development and commercialization strength to REMOXY, the other ORADUR-based opioids in our collaboration as well as ELADUR. During the quarter, we also continued to enroll patients in BESST, our pivotal U.S. Phase III clinical study for POSIDUR™. Our cash burn rate in th
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