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Article: Durect Seeking $50M Through Offering Of Convertible Notes.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Associate Managing Editor
Durect Corp. is proposing an offering of $50 million in convertible notes.
The notes would be due in 2008 and convertible into stock at a price to be determined. Initial purchasers of the notes would have an option to purchase another $10 million principal amount.
Durect focuses on treating chronic diseases and conditions by developing and commercializing pharmaceutical systems to deliver drugs. Its core areas are chronic diseases including pain, cardiovascular diseases, central nervous system disorders and asthma.
Its lead product is the Chronogesic.sup. (sufentanil) Pain Therapy System, an osmotic implant ...