Durect issues shares, cash for $2.2 million of 6.25% convertibles

By Laura Lutz

Des Moines, Sept. 17 - Durect Corp. announced the conversion of $2.2 million principal amount of its 6.25% convertible subordinated notes due June 2008 in an 8-K filing with the Securities and Exchange Commission.

The converted notes were held by a single investor.

The notes were converted into a total of 695,873 common shares, a conversion ratio of 317.4603 common shares per $1,000 principal amount of notes.

The holder also received $153,440 in cash, including $137,000 for future interest payments until maturity and an early conversion premium.

Following the conversion, there is $35.1 million principal amount of the notes outstanding.

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

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