Durect’s stock price takes a hit on debt-related share dilution

Durect, the Cupertino biopharmaceutical whose products are based on its proprietary drug delivery systems, said Tuesday that the remaining $23.6 million worth of some convertible debt that recently matured was exchanged into about 7.5 million shares. As a result, the company says it now has approximately 81.8 million shares of common stock outstanding.... [read full story]