DURECT Corporation (Nasdaq: DRRX) announced today financial results for the three months ended June 30, 2010. Total revenues were $7.3 million for the three months ended June 30, 2010 compared to $4.9 million for the three months ended June 30, 2009. Net loss for the three months ended June 30, 2010 was $6.3 million, compared to a net loss of $7.5 million for the same period in 2009.
At June 30, 2010, we had cash and investments of $57.2 million, compared to cash and investments of $41.6 million at December 31, 2009.
"The key event in the second quarter was our entry into a strategic collaboration with Hospira covering the development and commercialization of POSIDUR™ in the U.S. and Canada," stated James E. Brown, D.V.M., President and CEO of DURECT. "We continue to advance our pipeline of product candidates. BESST, our pivotal U.S. Phase III clinical study for POSIDUR™, continued enrollment during the quarter. King Pharmaceuticals is preparing the NDA resubmission for REMOXY® by year-end and initiated a Phase IIb clinical study of ELADUR™ in chronic low back pain during the second quarter. Lastly, we recently commenced a Phase I clinical trial in our ORADUR®-ADHD program."