CUPERTINO, Calif., Dec. 17, 2018 /PRNewswire/ -- DURECT
Corporation (Nasdaq: DRRX) announced today that Felix Theeuwes will retire as Chairman of the
Board and Distinguished Scientist effective December 31, 2018. Dr. Theeuwes has been
scaling back his activities in recent years, having gone to three
days per week in April 2015 and one
day per week in February 2018. David R. Hoffmann will
assume the role of Chairman of the Board; he had been Lead
Independent Director of the Board and will continue as Chairman of
the Audit Committee. In addition, the Board of Directors has
initiated a search for an additional independent board member.
"We are very pleased to appoint David
Hoffmann as our new Chairman," stated James E. Brown, President and CEO of
DURECT. "He has made a substantial contribution over the
years to DURECT as Lead Independent Director and Chairman of our
Audit Committee."
"On behalf of the Board and all of the employees of DURECT, I'd
like to thank Felix for his many contributions to the company and
wish him all the best in his retirement," stated James E. Brown.
David R. Hoffmann has served as a
Director of DURECT since December
2002 and as Lead Independent Director since December 2010. He had a distinguished career at
ALZA Corporation (now a Johnson & Johnson company) from 1976 to
2002, where he held roles of increasing responsibility, including
serving as Vice President and Treasurer for 10 years until his
retirement in October 2002. Mr.
Hoffmann is currently a member of the Board of Directors and
Chairman of the Audit Committee of Molecular Templates, an oncology
company. He holds a B.S. in Business Administration from the
University of Colorado.
About DURECT Corporation
DURECT is a biopharmaceutical company actively developing
therapeutics based on its Epigenetic Regulator Program and
proprietary drug delivery platforms. DUR‑928, a new chemical
entity in Phase 2 development, is the lead candidate
in DURECT's Epigenetic Regulator Program. An endogenous,
orally bioavailable small molecule, DUR-928 has been shown in
preclinical studies to play an important regulatory role in lipid
homeostasis, inflammation, and cell survival. Human
applications may include acute organ injury such as Alcoholic
Hepatitis (AH), hepatic and renal diseases such as nonalcoholic
steatohepatitis (NASH) and Primary Sclerosing Cholangitis (PSC),
and inflammatory skin conditions such as psoriasis and atopic
dermatitis. DURECT's advanced oral and injectable
delivery technologies are designed to enable new indications and
enhanced attributes for small-molecule and biologic drugs.
Late stage product candidates in this category include
POSIMIR® (bupivacaine extended release solution),
an investigational locally-acting, non-opioid analgesic intended to
provide up to 3 days of continuous pain relief after surgery, and
ORADUR®-Methylphenidate ER Capsules, approved
in Taiwan as Methydur Sustained Release Capsules, where
it is indicated for the treatment of attention deficit
hyperactivity disorder (ADHD). In addition, for the
assignment of certain patent rights related to its drug delivery
technology, DURECT will receive single digit sales-based
earn-out payments from U.S. net sales
of PERSERIS™ (risperidone), which was approved
by FDA in July 2018 for the treatment
of schizophrenia in adults and is owned and marketed by Indivior
PLC. For more information, please
visit www.durect.com.
NOTE: POSIMIR®, SABER®, and
ORADUR® are trademarks of DURECT Corporation. Other
referenced trademarks belong to their respective
owners. DUR-928 and POSIMIR are drug candidates under
development and have not been approved for commercialization by the
U.S. Food and Drug Administration or other health authorities.
DURECT Forward-Looking Statement
The statements in this press release regarding the search for
potential independent board candidates, potential commercial sale
of Indivior's PERSERIS to treat schizophrenia and earn-out payments
receivable from Indivior, as well as the potential use of POSIMIR
to treat post-surgical pain, and the potential use of DUR-928 to
treat Alcoholic Hepatitis, hepatic and renal diseases such as
nonalcoholic steatohepatitis (NASH) and Primary Sclerosing
Cholangitis (PSC), and inflammatory skin conditions such as
psoriasis and atopic dermatitis are forward-looking statements
involving risks and uncertainties that can cause actual results to
differ materially from those in such forward-looking statements.
Potential risks and uncertainties include, but are not limited to,
the risks that additional independent board candidates will not be
successfully recruited, that Indivior will not launch PERSERIS
commercially or that it will not obtain market acceptance and
meaningful sales, as well as possible adverse events associated
with the use of PERSERIS, POSIMIR and DUR-928, delays and costs due
to additional work or other requirements imposed by regulatory
agencies for continued development, approval or sale of POSIMIR and
DUR-928, and the possibility that studies of DUR-928 will not
replicate results from earlier preclinical or clinical
trials. Further information regarding risks related to
DUR-928 and POSIMIR and other risks related to DURECT is included
in DURECT's Form 10-Q filed on November 8,
2018 under the heading "Risk Factors."
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SOURCE DURECT Corporation