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For the fiscal year ended December 31, 2007, total revenues were$30.7 million, compared to $21.9 million for the same period in 2006. Netloss for the year ended December 31, 2007 was $24.3 million, compared to a netloss of $33.3 million for the same period in 2006.
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At December 31, 2007, DURECT had cash and investments of $62.0 million,compared with cash and investments of $81.6 million at December 31, 2006;these figures include restricted investments of $1.0 million at December 31,2007 and $1.3 million at December 31, 2006. DURECT's net decrease in cashduring 2007 was $19.6 million.
"DURECT's pipeline advanced during 2007, reporting positive clinical trialresults for three programs in Phase III or II. We expect to continue thisprogress in 2008 as we look forward to the filing of the first New DrugApplication (NDA) based on our ORADUR(TM) technology and further advancing ourlate stage programs," stated James E. Brown, D.V.M., President and CEO ofDURECT. "Remoxy(TM) met the primary endpoint in its pivotal Phase III studyconducted under a Special Protocol Assessment (SPA), POSIDUR(TM) reportedstatistically significant improvements in pain control while reducing the useof narcotics in a Phase IIb hernia study, and ELADUR(TM) showed improved paincontrol versus placebo over the three day treatment period in a Phase IIastudy. Each of these programs addresses large market opportunities withproduct features that offer clear advantages over existing therapeutics."
Financial Guidance for 2008 and Major Potential Milestones Over the Next12-18 Months
About DURECT Corporation
DURECT Corporation is an emerging specialty pharmaceutical companydeveloping pharmaceutical systems based on its proprietary drug deliveryplatform technologies. The Company currently has a number of late-stagepharmaceutical products in development addressing large markets in painmanagement, with a number of research programs underway targeting chronicdisease and other therapeutic areas. For more information, please visithttp://www.durect.com.
NOTE: POSIDUR(TM), SABER(TM), ORADUR(TM), TRANSDUR(TM) and ELADUR(TM) aretrademarks of DURECT Corporation. Other referenced trademarks belong to theirrespective owners.
DURECT Forward-Looking Statement
The statements in this press release regarding the anticipated filing ofan NDA for Remoxy, our anticipated commencement of the Phase III program forPOSIDUR, our possible entry into future collaborative agreements and ourprojected financial results as well as other statements regarding DURECT'sproducts in development, product development plans, anticipated regulatory,clinical and development milestones and timing thereof, future clinical trialresults, our business development intentions and DURECT's emergence as aspecialty pharmaceutical company are forward-looking statements involvingrisks and uncertainties that can cause actual results to differ materiallyfrom those in such forward-looking statements. Potential risks anduncertainties include, but are not limited to, DURECT's (and that of its thirdparty collaborators where applicable) abilities to obtain approvals fromregulatory agencies with respect to its development activities and products,design, enroll, conduct and complete clinical trials, complete the design,development, and manufacturing process development of the referenced productcandidates, consummate
