Durect exchanges $5 million 6.25% convertibles for stock

By Jennifer Chiou

New York, July 22 - Durect Corp. said it exchanged $5 million of its 6.25% convertible subordinated notes due June 2008 under an agreement with a shareholder.

The transaction will be made at the notes' 317.4603 shares of common stock per $1,000 principal amount conversion ratio plus an incentive for the early exchange.

"We continue to look for ways to proactively manage our capital structure and to increase the value of Durect," president and chief executive officer James E. Brown said in a news release.

"We have taken this opportunity to retire a portion of our outstanding convertible notes and believe that this transaction strengthens our financial position by reducing our debt and interest liability, as well as further reducing our corporate cash burn."

Based in Cupertino, Calif., Durect is an emerging specialty pharmaceutical company focused on the development of pharmaceutical systems based on its proprietary drug delivery platform technologies, including Saber, an injectable drug for protein and small molecule delivery, to treat chronic debilitating diseases and enable biotechnology products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.