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| DURECT Corporation |
| 10240 Bubb Road, Cupertino, CA 95014 * (408) 777-1417 |
| Business Description | The company is pioneering the treatment of chronic diseases and conditions by developing and commercializing pharmaceutical systems to deliver the right drug to the right place in the right amount at the right time. |
| Offering Information Company has | |||
| Trading As | DRRX (NASNTL) | Industry | Pharmaceutical (SIC 2834) |
| Type of Stock Offered | Common Shares | Filing Date | 4/20/00 |
| Domestic Shares Offered | 7,000,000 | Offer Date | 9/27/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 7,000,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $84,000,000 | Selling | $0.540 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 45,810,710 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Stanley Dean Witter | Lead Manager | (212) 761-5900 |
| Chase H&Q; | Co-manager | (415) 439-3626 |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/98 | 12/31/99 | |||||
| Revenues | - | - | - | 0.000 | 0.086 | - | - |
| Income from Oper. | - | - | - | -1.443 | -9.359 | - | - |
| Net Income | - | - | - | -1.322 | -9.310 | - | - |
| E.P.S | - | - | - | -0.360 | -1.760 | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | 1.44 | - | - | ||||
| Cash Flow - Inv. | -16.16 | - | - | ||||
| Cash Flow - Fin. | 19.31 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 22.46 | Current Assets | 17.47 | Current Ratio | 11.30 |
| Total Liab. | 1.74 | Current Liab. | 1.55 | Debt Ratio | 7.72% |
| Total Equity | 20.73 | Working Cap. | 15.92 | Debt to Equity Ratio | 0.08 |
| Cash | 3.86 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for research and development, manufacture and commercialization of existing and future products and general corporate purposes including working capital and capital expenditures. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Venture Law Group |
| Bank's Law Firm | Gray Cary Ware & Freidenrich |
| Registrar/Transfer Agent | EquiServe |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| ALZA Corporation | 17.20 | |
| Morgan Trust | 10.00 | |
| State of Oregon PER/ZCG | 5.80 | |
| Biotech Growth S.A. | 5.60 | |
| Premier Medical Partner Fund L.P. | 5.00 | |
| Note: represents ownership of 5% or more prior to the offering. | ||