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news.DURECT has reported revenues of $8.12m for the third quarter ended 30 September 2010, compared to $8.38m for the same period in 2009.
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DURECT has posted a net loss of $4.65m for the third quarter 2010, or $0.05 loss per diluted share, compared to net loss of $5.54m, or $0.07 loss per diluted share, for the comparable period in 2009.
Loss from operations was $4.69m, compared to $5.61m for the comparable period in 2009.
Revenue for the nine months ended 30 September 2010 was $23.1m, compared to $19.58m for the year ago period.
For the nine months ended 30 September 2010, DURECT’s net loss was $17.58m, or $0.2 loss per diluted share, compared to net loss of $21.7m, or $0.26 loss per diluted share, for the year ago period.
Loss from operations was $17.66m, compared to $22.04m for the year ago period.
DURECT president and CEO James Brown said that their pipeline of product candidates continued to advance during the third quarter while we maintained a modest burn rate.
"King Pharmaceuticals is preparing the NDA resubmission for Remoxy by year-end. King continues to enroll chronic low back pain patients in a Phase IIb clinical study of our proprietary bupivacaine patch, Eladur; we currently anticipate receiving data from that study in the first half of 2011," Brown said.
"Should Pfizer complete its acquisition of King, we believe that Pfizer will bring added development and commercialisation strength to Remoxy, the other Oradur-based opioids in our collaboration as well as Eladur. During the quarter, we also continued to enroll patients in Besst, our pivotal US Phase III clinical study for Posidur.
"Our cash burn rate in the quarter declined to $4.2m from $6.1m in the previous quarter, reflecting the first full quarter of our collaboration with Hospira covering the development and commercialisation of Posidur in the US and Canada, and we anticipate that we will be cash flow positive for all of 2010 by approximately $6m."
DURECT is a specialty pharmaceutical company whose proprietary oral, transdermal and injectable depot delivery technologies enable new indications and clinical/commercial attributes such as abuse deterrence, improved convenience, compliance, efficacy and safety for small molecule and biologic drugs.