Durect sells 2.99M shares, warrants at $5.015 in registered direct offering

Durect announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 2,991,027 shares of common stock and accompanying warrants to purchase up to 2,991,027 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. The shares of common stock and accompanying warrants are being sold at a combined purchase price of $5.015 per share and accompanying warrant. The warrants will have an exercise price of $4.89 per share, will be immediately exercisable and will expire five years from the date of issuance. The closing of the Offering is expected to occur on or about July 21, 2023, subject to customary closing conditions. The gross proceeds from the Offering are expected to be approximately $15M, before deducting fees to the placement agents and other estimated offering expenses payable by Durect. H.C. Wainwright & Co. is acting as exclusive placement agent for the Offering.