Durect Pharma Attractively Priced

Durect (DRRX - Snapshot Report) utilizes six proprietary drug delivery technologies to develop pharmaceutical systems that enhance treatment capabilities in the areas of chronic pain, cardiovascular diseases, and central nervous system disorders.

We are optimistic about the developing pipeline, and are pleased to see that the company filed an NDA for its first candidate, Remoxy, on schedule. The FDA granted priority review which means a response should be out by December 10, 2008. We were also pleased to hear about Durect's partnership deal with Alpharma (ALO) for Eladur.

It has been a catalyst-filled year so far. In our opinion, the current share price represents an attractive entry point. We thus rate the shares a Buy with a price target of $7.

Arpita Dutt contributed to this report.

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