Durect Corp falls on raising going concern doubts

DURECT

06/02/2023 13:42

** Shares of drug developer Durect Corp  DRRX.O  down ~11%
at $5.69 premarket
    ** Late on Friday, co said there is substantial doubt
regarding its ability to continue as a going concern
    ** Company says its ability to continue as a going concern
is subject to ability to obtain necessary funding from outside
sources
    ** Says its continued negative cash flows from operations
increase difficulty in securing alternative sources of funding,
there can be no assurances that it will be able to obtain any
future funding on favorable terms or at all
    ** Co also expects decline in revenues over the next 12
months 
    ** Separately, co is also selling shares of common stock and
accompanying warrants at a combined purchase price of $5/shr as
part of $10 mln direct offering
    ** DRRX shares up ~15% in the past three months 
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))