Item 1.01 Entry into a Material Definitive Agreement.
On December 31, 2019, DURECT Corporation (the "Company") and Oxford Finance LLC
("Oxford Finance") entered into a Third Amendment (the "Third 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 and a Second Amendment entered into on November 1, 2018. The
Third Amendment modified the terms of the Loan Agreement to extend the first
principal payment date from June 1, 2020 to December 1, 2021 (with interest only
payments until that date) and to extend the final maturity date from November 1,
2022 to May 1, 2024. 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 Third Amendment, the Company paid Oxford Finance a loan modification fee of
$825,000.
The foregoing description of the Third Amendment does not purport to be complete
and is qualified in its entirety by reference to the Third Amendment filed
herewith as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.1 Third Amendment to Loan and Security Agreement, dated December 31,
2019, by and between DURECT Corporation and Oxford Finance, LLC.
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