DURECT Corporation Appoints Timothy M. Papp as Chief Financial Officer

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CUPERTINO, Calif., July 5, 2022 /PRNewswire/ — DURECT Corporation (Nasdaq: DRRX), a biopharmaceutical company specializing in epigenetic regulation to develop treatments for acute organ injury and chronic liver disease, today announced the appointment of Timothy M. Papp as Chief Financial Officer. In this new role, Mr. Papp will lead and oversee all financial and capital markets activities, including accounting, financial reporting, financial planning and analysis, financial strategy and investor relations.

“We are delighted to welcome Tim to our leadership team as he brings to DURECT his deep understanding of corporate finance and the drivers of enterprise value,” said James E. BrownDVM, Chairman and CEO of DURECT.

Mr. Papp brings to DURECT more than 25 years of experience in corporate finance, including 15 years in the biopharmaceutical industry. Prior to joining DURECT, he worked for RBC Capital Markets, where he was Managing Director of Healthcare Investment Banking. Previously, he served as Managing Director of Healthcare Investment Banking at Stifel, and he also held positions in Investment Banking and M&A at Cowen, Keybanc Capital Markets and Rodman & Renshaw. Mr. Papp graduated cum laude of duke university with a BS in Economics and earned an MBA from the Wharton School of Business with a concentration in Finance.

Mr. Papp commented: “I believe that larsucosterol is an underappreciated active that has the potential to transform the treatment of alcohol-associated hepatitis as well as other indications. I am delighted to join the DURECT team at this important stage in its business development. “

About DURECT Corporation
DURECT is a biopharmaceutical company committed to transforming the treatment of acute organ injury and chronic liver disease by advancing novel and potentially life-saving therapies based on its endogenous epigenetic regulator program. Larsucosterol (also known as DUR-928), DURECT’s lead drug candidate, binds and inhibits the activity of DNA methyltransferases (DNMTs), epigenetic enzymes elevated and associated with hypermethylation observed in patients with alcohol-associated hepatitis (AH). Larsucosterol is in clinical development for the potential treatment of HA, for which the FDA has granted Fast Track designation; non-alcoholic steatohepatitis (NASH) is also being studied. Additionally, POSIMIR® (bupivacaine solution) for infiltration, a non-opioid analgesic using innovative SABRE® platform technology, is FDA cleared and has been exclusively licensed to Innocoll Pharmaceuticals for development and commercialization. in the United States. For more information about DURECT, visit www.durect.com and follow us on Twitter https://twitter.com/DURECTCorp.

DURECT forward-looking statement
This press release contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the clinical development of larsucosterol (DUR-928) for the potential treatment of HA, the development potential of larsucosterol for NASH or other indications, the launch anticipated business of POSIMIR by Innocoll and potential future payments we may receive from Innocoll. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause a material difference between the actual results or events, including, but not limited to, the risk that the AHFIRM (Alcohol-associated hepatitis to assess the safety and effectiveness of treatment to laRsucosterol) is taking longer than expected due to COVID-19. 19 or other factors, the risk that ongoing and future clinical trials with larsucosterol will not confirm the results of previous clinical or preclinical trials, or demonstrate the safety, efficacy, or life-saving potential of larsucosterol statistically significant, the risk that Innocoll will not commercialize POSIMIR successfully, if at all, and the risks relating to our ability to obtain capital to finance operations and expenses, and other risks described in the section “Risk Factors” in DURECT’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 5, 2022, and in other documents filed from time to time with the SEC. DURECT assumes no obligation to update forward-looking statements, except as required by law. The 10-Q and other public filings are available on our website www.durect.com under the “Investors” tab.

NOTE: POSIMIR® is a trademark of Innocoll Pharmaceuticals, Ltd. in the United States and a trademark of DURECT Corporation outside the United States. SABER® is a trademark of DURECT Corporation. Other trademarks referenced belong to their respective owners. Larsucosterol (DUR-928) is an investigational drug candidate under development and has not been approved for marketing by the United States Food and Drug Administration or other health authorities for any indication.

SOURCE DURECT Corporation

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