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DURECT Announces Pricing of Public Offering of Common Stock



         DURECT Announces Pricing of Public Offering of Common Stock

PR Newswire

CUPERTINO, Calif., Dec. 6, 2012

CUPERTINO, Calif., Dec. 6, 2012 /PRNewswire/ -- DURECT Corporation (Nasdaq:
DRRX) today announced the pricing of an underwritten public offering of 14
million shares of its common stock, offered at a price of $0.90 per share to
the public.  The gross proceeds to DURECT from this offering are expected to
be approximately $12.6 million, before deducting underwriting discounts and
commissions, and other estimated offering expenses payable by DURECT.  All of
the shares in the offering are to be sold by DURECT.  The offering is expected
to close on or about December 11, 2012, subject to the satisfaction of
customary closing conditions.  

(Photo: http://photos.prnewswire.com/prnh/20020717/DRRXLOGO)

Stifel Nicolaus Weisel is acting as sole book-running manager for the proposed
offering. 

A shelf registration statement on Form S-3 relating to the public offering of
the shares of common stock described above was filed with the Securities and
Exchange Commission (the "SEC") and is effective.  A final prospectus
supplement relating to the offering will be filed with the SEC and will be
available on the SEC's web site at www.sec.gov.  When available, copies of the
final prospectus supplement may also be obtained from Stifel, Nicolaus &
Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite
3700, San Francisco, California 94104, or by calling (415) 364-2500.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or jurisdiction.

About DURECT Corporation

DURECT is a specialty pharmaceuticalcompany developing innovative drugs for
pain and other chronic diseases, with late-stage development programs
including REMOXY^®, POSIDUR^™, ELADUR^®, and TRANSDUR^®-Sufentanil.  DURECT's
proprietary oral, transdermal and injectable depot delivery technologies are
designed to enable new indications and superior clinical/commercial attributes
such as abuse deterrence, improved convenience, compliance, efficacy and
safety for small molecule and biologic drugs. 

NOTE: POSIDUR^™, TRANSDUR^®, and ELADUR^™ are trademarks of DURECT
Corporation. Other referenced trademarks belong to their respective owners. 
REMOXY, POSIDUR, ELADUR and TRANSDUR-Sufentanil are drug candidates under
development and have not been approved for commercialization by the U.S. Food
and Drug Administration or other health authorities.

SOURCE DURECT Corporation

Contact: Matthew J. Hogan, Chief Financial Officer, DURECT, +1-408-777-4936
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