Durect Files To Raise Cash (DRRX)
Durect Corporation (NASDAQ: DRRX) has just filed for a shelf registration to sell up to $75,000,000.00 worth of securities. This shelf will allow the company to sell any combination of common stock, preferred stock, debt securities, warrants, or units.
No underwriters were named in this shelf registration. The companysaid that proceeds are for general corporate purposes. These includeclinical trials, research and development activities, capitalexpenditures, facilities expansion and to meet working capital needs.
Durect is a pharmaceutical company developing therapies based onproprietary drug formulations and delivery platform technologies withseveral products under development that are both in-house and thirdparty companies. It also manufactures and sells osmotic pumps used inlaboratory research, and design, develop and manufacture a wide rangeof standard and custom biodegradable polymers for pharmaceutical andmedical device clients.
The company is authorized to issue up to 110,000,000 shares of commonstock, and as of October 31, there were 81,948,053 shares ofcommon stock issued and outstanding.
Shares closed down over 12% today at $3.78 and shares have recoveredroughly 4% to $3.94 in after-hours trading. The 52-week trading rangeis $3.08 to $6.96.
Jon C. Ogg
November 4, 2008