Analysts Keep Focus on DURECT's DUR-928

Laidlaw & Company, Durect Corp., Sept. 30, 2016
The analyst responsible for the content of this report hereby certifies that the views expressed regarding the company or companies and their securities accurately represent his personal views and that no direct or indirect compensation is to be received by the analyst for any specific recommendation or views contained in this report. As of the date of this report, neither the author of this report nor any member of his immediate family or household maintains an ownership position in the securities of the company (ies) mentioned in this report.

Associated persons of Laidlaw & Co (UK), Ltd not involved in the preparation of this report may have investments in securities/instruments or derivatives of securities/instruments of companies mentioned herein and may trade them in ways different from those discussed in this report. While Laidlaw & Co (UK), Ltd., prohibits analysts from receiving any compensation. Bonus or incentive based on specific recommendations for, or view of, a particular company, investors should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest.

Laidlaw & Co (UK) Ltd. has not provided any investment banking services for the company (ies) mentioned in this report over the last 12 months. For important disclosures, please see Laidlaw & Co (UK), Ltd.’s disclosure website at www.Laidlawltd.com.

Rodman and Renshaw, Durect Corp., Sept. 27, 2016
I, Raghuram Selvaraju, Ph.D. and Yi Chen, Ph.D., CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of (including, without limitation, any option, right, warrant, future, long or short position).

As of August 31, 2016 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of DURECT Corporation.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did not receive compensation from DURECT Corporation for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in DURECT Corporation as of the date of this research report.

What is Chen Buying? What is Chen Selling? Sept. 28, 2016
Chen Lin owns, or members of his immediate household or family own, shares of the following companies mentioned in this article: Durect Corp.

Chen Lin is not a financial adviser and Lin Asset Management LLC is not a financial service company. Chen is a very experienced trader and this Publication is intended for experienced traders only. Subscribers must conduct their own research and due diligence, and consult their own financial advisers prior to placing any trades.

Prior to the recommendations, Chen may have discussed the stocks recommended in the letter, including but not limited to, private and public communications as well as internet groups and investment clubs. Chen may continue such communications in person and online after the recommendation without updating the letter. Chen may buy or sell the stocks any time after the recommendation without updating the letter. Companies are selected for purchase or sale in this publication strictly on their merits as determined by Chen. No fee is charged to companies for inclusion in the Publication.

Leonard Yaffe, Stoc*Doc Partners/Kessef Capital Management
I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Durect Corp. Funds controlled by Stoc*Doc Partners/Kessef Capital Management hold shares of the following companies mentioned in this article: Durect Corp.