DURECT Announces Pricing of Public Offering of Common Stock
CUPERTINO, Calif., Nov. 8, 2013 /PRNewswire/ -- DURECT Corporation (Nasdaq: DRRX) today announced the pricing of an underwritten public offering of 7,142,858 shares of its common stock, offered at a price of $1.40 per share to the public. The gross proceeds to DURECT from this offering are expected to be approximately $10.0 million, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by DURECT. All of the shares in the offering are to be sold by DURECT. The offering is expected to close on or about November 13, 2013, subject to the satisfaction of customary closing conditions. DURECT has granted the underwriters a 30-day option to purchase up to an aggregate of 1,071,429 additional shares.
Stifel is acting as sole book-running manager for the offering and Janney Montgomery Scott is acting as co-manager.
Felix Theeuwes, our Chairman and Chief Scientific Officer, has agreed to purchase 714,000 shares of the 7,142,858 shares of common stock in this offering, at the public offering price, for an aggregate purchase price of approximately $1.0 million.