DURECT Corporation Announces Closing of LACTEL® Absorbable Polymer Product Line Sale to Evonik and Receipt of $15 Million
DURECT Corporation (Nasdaq: DRRX) has announced that the sale of the LACTEL product line to Evonik closed and the $15 million payment was received on December 31, 2020.
About DURECT Corporation
DURECT is a biopharmaceutical company committed to transforming the treatment of acute organ injury and chronic liver diseases by advancing novel and potentially lifesaving therapies based on its endogenous epigenetic regulator program. DUR-928, the company’s lead drug candidate is in clinical development forDURECT Corporation Announces Closing of LACTEL® Absorbable Polymer Product Line Sale to Evonik and Receipt of $15 Million the potential treatment of alcohol-associated hepatitis (AH) for which FDA has granted a Fast Track Designation, COVID-19 patients with acute liver or kidney injury, and non-alcoholic steatohepatitis (NASH). DURECT’s proprietary drug delivery technologies are designed to enable new indications and enhanced attributes for small-molecule and biologic drugs. One late-stage product candidate in this category is POSIMIR® (bupivacaine sustained-release solution), an investigational locally-acting, non-opioid analgesic intended to provide up to three days of continuous pain relief after surgery. For more information about DURECT, please visit www.durect.com and follow us on Twitter https://twitter.com/DURECTCorp.