DURECT's Convertible Notes Exchange into Equity at Maturity

CUPERTINO, Calif., June 17 DURECT Corporation(Nasdaq: DRRX) announced today that the remaining $23.6 million in 6.25%Convertible Notes had been exchanged by the holders at their maturity dateinto approximately 7.5 million shares, per the original terms of theindenture. As a result, DURECT now has approximately 81.8 million shares ofcommon stock outstanding.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020717/DRRXLOGO)

"We are pleased that our balance sheet has been strengthened by theelimination of this debt and conversion into common stock," statedJames E. Brown, DVM, President and CEO of DURECT.

About DURECT Corporation

DURECT is an emerging specialty pharmaceutical company developinginnovative drugs for pain and other chronic diseases, with late-stagedevelopment programs including Remoxy(TM), POSIDUR(TM), ELADUR(TM), andTRANSDUR(TM)-Sufentanil. DURECT's proprietary (oral, transdermal andinjectable depot) delivery technologies enable new indications and superiorclinical/commercial attributes such as abuse deterrence, improved convenience,compliance, efficacy and safety for small molecule and biologic drugs. Formore information, please visit http://www.durect.com.

NOTE: ORADUR(TM), POSIDUR(TM), ELADUR(TM) and TRANSDUR(TM) are trademarksof DURECT Corporation. Other referenced trademarks belong to their respectiveowners. Remoxy, POSIDUR, ELADUR and TRANSDUR-Sufentanil are drug candidatesunder development and have not been approved for commercialization by theUS Food and Drug Administration or other health authorities.

SOURCE DURECT Corporation

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