DURECT Corporation (NASD: DRRX), an emerging specialty pharmaceutical company developing innovative drugs for pain and other chronic diseases, recently reported its financial results for the third quarter ended September 30, 2008. Total quarterly revenue reached $6.6 million, compared to $4.9 million for the same period in 2007, and the company’s net loss for the quarter was reported at $9.2 million, or a loss of $0.11 per share, compared to a net loss of $7.9 million, or a loss of $0.11 per share, for the corresponding period one-year earlier.
The company plans to earn its first product royalties from REMOXY®, a long-acting, abuse-resistant oral formulation of oxycodone intended to treat moderate to severe pain, in early 2009. King Pharmaceuticals is the company’s commercialization partner for REMOXY®, and DURECT will receive royalties on product sales that begin at 6 percent and scale up to 11.5 percent.
James E. Brown, D.V.M., president and chief executive officer of DURECT, recently commented, “We are in a fortunate position with our cash on hand, maturity of our pipeline and multiple partnerships in place. Over the last three to four years, we have financed the company through partnership investments in the form of upfront license fees, milestone payments and R&D support.” He concluded, “We have a rich pipeline of products that address large market opportunities in the pain management field. We also have collaborations in place that provide funding and the potential for future development deals. These allow us to maintain a modest burn rate. In this [economic] environment, we are in a very favorable position.”
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