By Devika Patel
Knoxville, Tenn., July 1 - Durect Corp. has secured a $50 million committed equity financing facility with Azimuth Opportunity Ltd., according to an 8-K filed Thursday with the Securities and Exchange Commission.
Azimuth has committed to purchase up to $50 million of the company's common shares over two years. The shares will be sold at a discount ranging from 4% to 6%.
The maximum amount for each drawdown is limited to 2.5% of the company's market capitalization. The company may initiate up to 24 drawdown notices during the term of the agreement, with a minimum of five trading days required between each drawdown.
Durect, based in Cupertino, Calif., is a specialty pharmaceutical company developing drugs for pain and other chronic diseases.
| Issuer: | Durect Corp.
|
| Issue: | Committed equity financing facility
|
| Amount: | $50 million
|
| Tenor: | Two years
|
| Price: | Discount of 4% to 6%
|
| Warrants: | No
|
| Investor: | Azimuth Opportunity Ltd.
|
| Settlement date: | July 1
|
| Stock symbol: | Nasdaq: DRRX
|
| Stock price: | $2.32 at close July 1
|
| Market capitalization: | $201 million
|
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