SiliconBeat

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. “We are pleased that our balance sheet has been strengthened by the elimination of this debt and conversion into common stock,” said Durect Chief Executive James E. Brown in a statement.

That “we” pronoun Brown used might not include the rest of the company’s shareholders Tuesday, Read the rest of this entry »