CUPERTINO, Calif., Feb. 5 /PRNewswire-FirstCall/ -- DURECT Corporation announced today financial results for the three months and year ended December 31, 2007. Total revenues were $6.6 million for the three months ended December 31, 2007, compared to $5.4 million for the same period in 2006. Net loss for the three months ended December 31, 2007 was $7.2 million, compared to a net loss of $9.8 million for the same period in 2006.
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For the fiscal year ended December 31, 2007, total revenues were $30.7 million, compared to $21.9 million for the same period in 2006. Net loss for the year ended December 31, 2007 was $24.3 million, compared to a net loss of $33.3 million for the same period in 2006.
At December 31, 2007, DURECT had cash and investments of $62.0 million, compared with cash and investments of $81.6 million at December 31, 2006; these figures include restricted investments of $1.0 million at December 31, 2007 and $1.3 million at December 31, 2006. DURECT's net decrease in cash during 2007 was $19.6 million.
"DURECT's pipeline advanced during 2007, reporting positive clinical trial results for three programs in Phase III or II. We expect to continue this progress in 2008 as we look forward to the filing of the first New Drug Application (NDA) based on our ORADUR(TM) technology and further advancing our late stage programs," stated James E. Brown, D.V.M., President and CEO of DURECT. "Remoxy(TM) met the primary endpoint in its pivotal Phase III study conducted under a Special Protocol Assessment (SPA), POSIDUR(TM) reported statistically significant improvements in pain control while reducing the use of narcotics in a Phase IIb hernia study, and ELADUR(TM) showed improved pain control versus placebo over the three day treatment period in a Phase IIa study. Each of these programs addresses large market opportunities with product features that offer clear advantages over existing therapeutics."
Financial Guidance for 2008 and Major Potential Milestones Over the Next 12-18 Months
About DURECT Corporation
DURECT Corporation is an emerging specialty pharmaceutical company developing pharmaceutical systems based on its proprietary drug delivery platform technologies. The Company currently has a number of late-stage pharmaceutical products in development addressing large markets in pain management, with a number of research programs underway targeting chronic disease and other therapeutic areas. For more information, please visit http://www.durect.com.
NOTE: POSIDUR(TM), SABER(TM), ORADUR(TM), TRANSDUR(TM) and ELADUR(TM) are trademarks of DURECT Corporation. Other referenced trademarks belong to their respective owners.
DURECT Forward-Looking Statement
The statements in this press release regarding the anticipated filing of an NDA for Remoxy, our anticipated commencement of the Phase III program for POSIDUR, our possible entry into future collaborative agreements and our projected financial results as well as other statements regarding DURECT's products in development, product development plans, anticipated regulatory, clinical and development milestones and timing thereof, future clinical trial results, our business development intentions and DURECT's emergence as a specialty pharmaceutical company are forward-looking statements involving risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, DURECT's (and that of its third party collaborators where applicable) abilities to obtain approvals from regulatory agencies with respect to its development activities and products, design, enroll, conduct and complete clinical trials, complete the design, development, and manufacturing process development of the referenced product candidates, consummate collaborative agreements relating to our product candidates and technologies, manufacture and commercialize the referenced product candidates, obtain marketplace acceptance of the referenced product candidates and manage and obtain capital to fund its growth, operations and expenses. Further information regarding these and other risks is included in DURECT's Form 10-Q on November 8, 2007 under the heading "Risk Factors."
CONTACT: Matt Hogan, Chief Financial Officer of DURECT Corporation,
+1-408-777-4936
Web site: http://www.durect.com/
