Revenue during the quarter plunged 31.93 percent to $3.52 million from $5.17 million in the previous year period. Gross margin for the quarter contracted 794 basis points over the previous year period to 72.85 percent.

Operating loss for the quarter was $8.26 million, compared with an operating loss of $5.33 million in the previous year period.

"For DUR-928, our novel epigenetic regulator which has potential for broad utility in metabolic disorders, acute organ injury and inflammatory conditions, we have completed six Phase 1 clinical trials to date, including dosing over 140 healthy volunteers and patients," stated James E. Brown, D.V.M., president and chief executive officer of DURECT. "We are pleased with the excellent safety profile of DUR-928 in these trials as well as certain promising biomarker data seen in NASH patients. We look forward to presenting this data at the upcoming EASL meeting. We are also announcing today that we are investigating the use of DUR-928 as a topical agent for the potential treatment of psoriasis. In PERSIST, the POSIMIR pivotal Phase 3 clinical trial in post-operative pain, enrollment rates support completion of dosing in the third quarter of 2017 which would put us in position to obtain top-line results this year."