CUPERTINO, Calif., May 10, 2017 /PRNewswire/ — DURECT Corporation (DRRX) today announced financial results for the three months ended March 31, 2017 and provided a corporate update.
- Total revenues were $4.6 million and net loss was $8.1 million for the three months ended March 31, 2017 as compared to total revenues of $3.6 million and net loss of $7.8 million for the three months ended March 31, 2016.
- Subsequent to the end of the first quarter, we signed an agreement with Sandoz AG pursuant to which we anticipate receiving a $20 million upfront license payment.
- At March 31, 2017, cash and investments were $16.8 million, compared to cash and investments of $25.2 million at December 31, 2016. Including the upfront license fee from Sandoz less a fee owed to an advisory firm, our pro forma cash and investments at March 31, 2017 would have been approximately $36.1 million. Debt at March 31, 2017 was $19.9 million.