Durect holder agrees to convert $l.75 million of 6.25% convertibles

By Angela McDaniels

Seattle, Oct. 23 - Durect Corp. said it entered into a private agreement on Oct. 19 under which a holder of the company's 6.25% convertible subordinated notes due 2008 converted $1.75 million principal amount of the notes.

The notes were converted into 555,555 shares of the company's common stock, or 317.4603 shares per note, according to an 8-K report filed with the Securities and Exchange Commission.

The company paid $122,500 to the holder, including $109,375 for future interest payments and an early conversion premium.

Following the conversion, the principal amount of outstanding notes is $23.6 million.

Based in Cupertino, Calif., Durect is a specialty pharmaceutical company focused on development of pharmaceutical systems based on its proprietary drug-delivery platform.

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