DURECT CORPORATION (NASDAQ:DRRX) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement
On July 24, 2017, Impax Laboratories, Inc. provided notice to DURECT that Impax is terminating the Asset Transfer and License Agreement dated January 3, 2014, which termination will be effective to the terms of such agreement on October 24, 2017.Termination returns to DURECT the development and commercialization rights to ELADUR® (TRANSDUR®-Bupivacaine).ELADUR is an investigational transdermal patch intended to deliver bupivacaine, a local analgesic.A summary of the material terms of the Impax Agreement was included in the Company’s Annual Report on Form 10-K filed on March 15, 2017, which is qualified in its entirety by reference to the full text of the Agreement (filed as Exhibit 10.75 to our Quarterly Report on Form 10-Q (File No. 000-31615) filed with the SEC on May 2, 2014 and incorporated by reference).
About DURECT CORPORATION (NASDAQ:DRRX)
Durect Corporation is a biopharmaceutical company with research and development programs. The Company’s products candidates include DUR-928, oral for metabolic/lipid disorders, and DUR-928, injectable for acute organ injuries. Its other product candidates include POSIMIR (controlled release injection of bupivacaine), REMOXY (oral controlled release oxycodone), ORADUR-ADHD, ELADUR (controlled release injection of bupivicane), Relday (risperidone), ORADUR-based opioid (hydromorphone) and SABER-based ophthalmic. The Company’s ALZET product line consists of miniature, implantable osmotic pumps and accessories used for experimental research in mice, rats and other laboratory animals. The Company also manufactures and sells osmotic pumps used in laboratory research and design; and develops and manufactures a range of standard and custom biodegradable polymers and excipients for pharmaceutical and medical device clients for use as raw materials in their products.
