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Small Biotech Enters Patent Deal with British Company Targeting Schizophrenia

10/04/2017

Additional Disclosures:

Disclosures from Zacks Small Cap Research, "DURECT (DRRX): A $17.5 Million Patent Purchase Agreement with Indivior PLC," Grant Zeng, Oct. 3, 2017

Disclaimer available here.

Stifel, Durect Corporation, Company Update, Oct. 2, 2017

I, Adam A. Walsh, certify that the views expressed in this research report accurately reflect my personal views about the subject securities or issuers; and I, Adam A. Walsh, certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Our European Policy for Managing Research Conflicts of Interest is available at www.stifel.com.

Stifel or an affiliate expects to receive or intends to seek compensation for investment banking services from Durect Corporation in the next 3 months.

Stifel or an affiliate is a market maker or liquidity provider in the securities of Durect Corporation.

The equity research analyst(s) responsible for the preparation of this report receive(s) compensation based on various factors, including Stifel’s overall revenue, which includes investment banking revenue.

LifeSci Capital, Durect Corporation, Company Update, Oct. 2, 2017

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This research contains the views, opinions and recommendations of LifeSci Capital, LLC (“LSC”) research analysts. LSC (or an affiliate) has received compensation from the subject company for producing this research report. Additionally, LSC expects to receive or intends to seek compensation for investment banking services from the subject company in the next three months. LSC (or an affiliate) has also provided non-investment banking securities-related services, non-securities services, and other products or services other than investment banking services to the subject company and received compensation for such services within the past 12 months. LSC does not make a market in the securities of the subject company.

Neither the research analyst(s), a member of the research analyst’s household, nor any individual directly involved in the preparation of this report, has a financial interest in the securities of the subject company. Neither LSC nor any of its affiliates beneficially own 1% or more of any class of common equity securities of the subject company.