Durect rises after selling Alzet pumps for $17.5 mln

DURECT

25/11/2024 11:47

** Drugmaker Durect Corp's  DRRX.O  shares rise ~4% to $1.05
premarket
    ** DRRX says it sold the Alzet product line of osmotic pumps
to Lafayette Instrument Co for $17.5 mln
    ** Alzet pumps are small devices used in animal research to
deliver drugs, hormones or other substances directly into the
body over time
    ** DRRX used the sale to fully repay its loan with Oxford
Finance LLC, co says
    ** Co also says that the sale strengthens its cash position,
providing funds to operate until mid-2025
    ** As of last close, stock had risen 71.2% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))