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Technology Stocks
Durect Corp. DRRX
An SI Board Since September 2000
Posts SubjectMarks Bans Symbol
7 3 0 DRRX
Emcee:  William F. Wager, Jr. Type:  Unmoderated
PROSPECTUS SUMMARY

You should read the following summary together with the more detailed
information regarding our company and the common stock being sold in this
offering and our consolidated financial statements and notes thereto appearing
elsewhere in this prospectus.

DURECT Corporation

We are pioneering the treatment of chronic diseases and conditions by
developing and commercializing pharmaceutical systems to deliver the right drug
to the right place in the right amount at the right time. Our pharmaceutical
systems combine engineering innovations and delivery technology from the
medical device and drug delivery industries with our proprietary pharmaceutical
and biotechnology drug formulations. By integrating these technologies, we are
able to control the rate and duration of drug administration as well as target
the delivery of the drug to its intended site of action, allowing our
pharmaceutical systems to meet the special challenges associated with treating
chronic diseases or conditions. Our pharmaceutical systems can enable new drug
therapies or optimize existing therapies based on a broad range of compounds,
including small molecule pharmaceuticals as well as biotechnology molecules
such as proteins, peptides and genes. Our initial portfolio of products combine
the DUROS technology, a proven and patented drug delivery platform licensed for
specified fields of use from ALZA Corporation, with drugs for which medical
data on efficacy and safety are available.

According to the Centers for Disease Control, cardiovascular disease,
cancer, neurodegenerative diseases, diabetes, arthritis, epilepsy and other
chronic diseases claimed the lives of more that 1.7 million Americans in 1999.
The Centers for Disease Control also estimates that the major chronic diseases
are responsible for approximately 70% of all deaths in the U.S., and medical
care costs for these conditions totaled more than $400 billion annually.
Currently, more than 60% of total health care spending in the U.S. is devoted
to the treatment of chronic diseases. Demographic trends suggest that, as the
U.S. population ages, the incidence of chronic disease and cost of treating it
as a proportion of total health care spending will increase. While the
pharmaceutical, biotechnology, drug delivery and medical device industries have
increased overall life expectancy and improved patient quality of life, many
chronic debilitating diseases continue to be inadequately treated with current
drugs or medical devices.

Our pharmaceutical systems are suitable for providing long-term drug therapy
because they store highly concentrated, stabilized drugs in a small volume and
can protect the drug from degradation by the body. This, in combination with
our ability to deliver precise, accurate and continuous doses of a drug, allows
us to extend the therapeutic value of a wide variety of drugs, including those
which would otherwise be ineffective, too unstable, too potent or cause adverse
side effects. Delivering the drug directly to the intended site of action can
also improve efficacy while minimizing unwanted side effects elsewhere in the
body, which often limit the long-term use of many drugs. Our pharmaceutical
systems can thus provide better therapy for chronic diseases or conditions by
replacing multiple injection therapy or oral dosing, improving drug efficacy,
reducing side effects and ensuring dosing compliance. Our pharmaceutical
systems can improve patients' quality of life by eliminating more repetitive
treatments, reducing dependence on caregivers and allowing them to lead more
independent lives.

We are currently developing pharmaceutical systems based on the DUROS
technology, coupled with proprietary catheter and drug formulation technology,
to address a variety of therapeutic areas, including chronic pain, central
nervous system disorders, cardiovascular diseases and inner ear disorders. The
DUROS is a miniature drug-dispensing pump that releases minute quantities of
concentrated drug formulations in a continuous, consistent flow for as long as
one year using an osmotic engine. The miniature pump, made out of titanium, can
be as small as a wooden matchstick and can be implanted under the skin. The
potential of the

1

DUROS technology as a platform for providing drug therapy was recently
demonstrated by the Food and Drug Administration's approval in March 2000 of
ALZA's Viadur (leuprolide acetate implant), a one-year implant for the
palliative treatment of prostate cancer, the first approved product to
incorporate the DUROS implant technology. By leveraging this proven platform
technology, we believe we can reduce our development risk and more rapidly
introduce new products to the market. Beyond the DUROS technology, we intend to
develop other technologies consistent with our objective of delivering the
right drug to the right place in the right amount at the right time.

Our lead product is for the treatment of chronic pain and combines the DUROS
technology with a proprietary formulation of sufentanil, a potent opioid
currently used in hospitals as an anesthetic. We completed an initial Phase I
trial in November 1999 using an external pump to test the safety of continuous
chronic infusion of the drug. We intend to commence a Phase II human clinical
trial in late 2000 or early 2001. Following this trial, we intend to complete
the final commercial design of this product. This product is aimed at the
approximately $1 billion market for the treatment of chronic pain and will
compete with oral opioids, analgesic patches and external and implantable
infusion pumps. Our second product in development is designed to target
delivery of hydromorphone, an opioid approved for use as an analgesic, via a
catheter to the intended site of action in the central nervous system. We are
designing this product to treat end-stage cancer pain and will be conducting
preclinical studies in late 2000. We are also researching and developing
pharmaceutical systems based on the DUROS technology in a variety of other
therapeutic areas, including central nervous system disorders, cardiovascular
disease and inner ear disorders.

Our objective is to develop and commercialize pharmaceutical systems that
address significant medical needs and improve patients' quality of life. To
achieve this objective, our strategy includes the following key elements:

. Focus on chronic debilitating medical conditions;

. Minimize product development risk and speed time-to-market;

. Enable the development of pharmaceutical systems based on biotechnology
and other new compounds; and

. Expand our technology platforms.

durect.com
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