WR Hambrecht + Co: Traditional Deals: DURECT Corporation

Traditional Deals:

DURECT Corporation

DURECT Corporation is an emerging specialty pharmaceutical company focused on the development of pharmaceutical products based on proprietary drug delivery technology platforms.

DURECT Corporation

This offering has been priced at $5.00 per share.

Successful participants should be able to see the executed trade in their brokerage accounts on 11/02/05. To view the completed trade, log in to your WR Hambrecht + Co brokerage account.

•	View preliminary prospectus supplement (dated 10/26/05)

Offering Type	Follow-On
Exchange	NASDAQ
Symbol	drrx
Lead Manager(s)	Morgan Stanley JPMorgan
Co-Manager(s)	CIBC World Markets WR Hambrecht + Co

Total Shares Offered	7,400,000
from Issuer	7,400,000
from Shareholders	0
Price	$5.00
Offering Date	11/01/05

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