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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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.