Durect holds follow-on private sale to raise $10M

Pharmaceutical company Durect has struck a deal with Venrock to sell 4.4 million shares of common stock at $2.25 each (a 9 percent discount) to raise $10 million more. Based in Cupertino, Calif., the company, recently valued at $215 million, says it will use the funds for general working capital and late-stage drug development. It is working on treatments for chronic and post-operative pain.

Venrock closed $194 million for late-stage and public investments in health care companies this year. Also for financial support, Durect partners with King Pharmaceuticals, Nycomed International Management and Pain Therapeutics.

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