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DURECT's CEO Discusses Q1 2014 Results - Earnings Call Transcript

May 01, 2014 10:48 PM ETDURECT Corporation (DRRX) Stock
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DURECT Corporation (NASDAQ:DRRX) Q1 2014 Earnings Conference Call May 1, 2014 4:30 PM ET

Executives

Matt Hogan – CFO
Jim Brown – President and CEO

Analysts

Annabel Samimy – Zack's Research
Jason Napodano – Zack's Research
Nick Farwell – Arbor Group
Jeffrey DeSeibert – KB Advisors
Rajesh Patel – Red Acre Investments

Operator

Greetings, and welcome to the DURECT First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow with the formal presentation. (Operator Instructions)

I would now like to turn the conference over to your host, Matt Hogan. Thank you. You may begin.

Matt Hogan

Okay. Good afternoon. Welcome to our first quarter 2014 earnings conference call. This call begins with a brief review of our financial results and then Jim Brown, our president and CEO will provide an update on the business. We'll then open up the call for Q&A session.

Before beginning, I'd like to remind you of our Safe Harbor statement. During the course of this call, we may make forward-looking statements regarding DURECT's products and development, expected product benefits, our development plans, future clinical trials, our projected financial results.

These forward-looking statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. Further information regarding these and other risks are included in our SEC filings including our 10-K and our 10-Q fused under the heading 'Risk Factors.'

Let me briefly turn our financials. Total review was $6.3 million in the first quarter of 2014 as compared to $4.2 million in the first quarter of 2013. If you exclude all differed revenue recognized for fees from our agreement, like Zogenix and Impax, revenue from our R&D collaborations was $4.4 million in the first quarter 2014 as compared to $0.9 million in the first quarter last year. And

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