drrx-8k_20181105.htm

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

November 5, 2018

Date of Report

November 1, 2018

(Date of earliest event reported)

 

DURECT CORPORATION

(Exact name of Registrant as specified in its charter)

 

 

Delaware

 

000-31615

 

94-3297098

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

10260 Bubb Road

Cupertino, CA 95014

(Address of principal executive offices) (Zip code)

(408) 777-1417

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


 

Item 1.01 Entry into a Material Definitive Agreement.

On November 1, 2018, DURECT Corporation (the “Company”) and Oxford Finance LLC (“Oxford Finance”) entered into a Second Amendment (the “Second Amendment”) of the $20.0 million Loan and Security Agreement (the “Loan Agreement”) entered into on July 28, 2016, which was previously amended by a First Amendment entered into on February 28, 2018. The Second Amendment modified the terms of the Loan Agreement to extend the first principal payment date from December 1, 2018 to June 1, 2020 (with interest only payments until that date) and to extend the final maturity date from August 1, 2020 to November 1, 2022.   If the Company elects to prepay the loan, there is also a prepayment fee of between 0.75% and 2.5% of the principal amount of the term loan depending on the timing of prepayment.   In connection with the entry into the Second Amendment, the Company paid Oxford Finance a loan modification fee of $900,000.

 

The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the Second Amendment filed herewith as Exhibit 10.1 to this Current Report on Form 8-K.

 

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

ExhibitDescription

10.1

Second Amendment to Loan and Security Agreement between the Company and Oxford Finance LLC dated November 1, 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Exhibit Index

 

 

 

 

Exhibit No.

 

10.1

Second Amendment to Loan and Security Agreement between the Company and Oxford Finance LLC dated November 1, 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

DURECT Corporation

 

 

 

Date: November 5, 2018

 

By:

 

/s/ James E. Brown

 

 

 

 

     James E. Brown

 

 

 

 

     President and Chief Executive Officer

 

 

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