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Durect 1Q loss narrows on lower costs, revenue gain

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May 7, 2008

CUPERTINO, Calif.—Pharmaceutical company Durect Corp. said Wednesday its loss narrowed in the first quarter, helped by lower costs and a rise in revenue from research and development partnerships.

For the quarter ended March 31, the company reported a loss of $7.8 million, or 11 cents per share, compared with a loss of $8.8 million, or 13 cents per share a year earlier.

The results matched the mean estimate of analysts polled by Thomson Financial.

The company was helped by lower research-and-development expenses and other costs.

Revenue rose 12 percent to $6.4 million from $5.7 million in the first quarter of 2007. Analysts predicted revenue of $5.7 million.

The rise was made up mainly of higher collaborative research and development revenue. Product revenue fell slightly in the period.

Shares rose 65 cents, or 17 percent, to $4.45 in electronic after-hours trading. During regular trading, shares fell 92 cents, or 19.5 percent, to close at $3.80.

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