Durect issues 6.35 million shares, cash for $20 million 6.25% convertibles

By Jennifer Chiou

New York, May 31 - Durect Corp. said it issued 6,349,206 of its shares in exchange for $20 million of its 6.25% convertible subordinated notes due June 2008, according to an 8-K filing with the Securities and Exchange Commission.

The company also paid $2.86 million in cash, which was based on a discounted value of future interest payments.

In the privately negotiated transaction, the noteholder converted the convertibles at a rate of 317.4603 shares per $1,000 principal amount of notes.

The company said $37.3 million of notes remains outstanding.

Durect is a Cupertino, Calif., specialty pharmaceutical company focused on development of pharmaceutical systems based on its proprietary drug delivery platform.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.