DURECT Corporation (DRRX)

Q1 2010 Earnings Call Transcript

May 10, 2010 4:30 pm ET

Executives

Matt Hogan – CFO

Jim Brown – President and CEO

Joe Stauffer – Chief Medical Officer

Analysts

David Amsellem – Piper Jaffray

Andrew Hilgenbrink – Jefferies & Co.

Jim Molloy – Caris & Co.

Jeffrey DeSeibert – KB Advisors

Presentation

Operator

Thanks so much for holding, everyone. Welcome to the DURECT first quarter earnings conference call. Just as a reminder, today's call is being recorded. Now at this time, I will turn things over to our host, Mr. Matt Hogan. Matt, please go ahead.

Matt Hogan

Okay, thank you. Good afternoon. Welcome to our first quarter 2010 earnings conference call. This is Matt Hogan, CFO at DURECT. This call will begin with a brief review of our financial results, and then, Jim Brown, our President and CEO will provide an update on our business. We will then open up the call for a Q&A session.

Before beginning, I would 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 or 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 including in our SEC filings, including our 10-K and our 10-Qs under the heading Risk Factors.

Let me now turn to our financials. Total revenue was $7.7 million in the first quarter of 2010, which compares to $6.2 million in the first quarter of 2009. Revenue from our R&D collaborations was $3.8 million in the first quarter this year, as compared to $3.7 million in the first quarter last year. Revenue from this source always fluctuates from quarter-to-quarter, depending on the state of development under the various programs, and our role in those programs.

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