durect –

Cupertino, Calif.

Went public 9/28/2000 at $12 per share

Filing Range: 7.0 mil. shares @ $10 to $12

Shares Outstanding: 45.8 mil. shares

Underwriters: Morgan Stanley Dean Witter/Chase H&Q/CIBC

World Markets

Company Counsel: Venture Law Group

Manager Counsel: Gray Cary Ames & Frye

Auditor: Ernst & Young LLP

The Company:

Manufactures a miniaturized implantable pump for drug delivery for such conditions as chronic pain, cancer, diabetes and arthritis.

Venture Backers:

MPM Asset Management LLC

Morgan Guaranty Trust Co.

Chase H&Q

Premier Medical Partner Fund LP

Collinson, Howe & Lennox LLC

Financing Rounds:

Number of Round Amt.

Round # Round Date Stage Investors ($ thousands)

1 06/19/1998 2 Early Stage 5636.0

2 05/01/1999 1 Expansion 3757.0

3 07/01/1999 3 Later Stage 20133.0

4 03/01/2000 1 Later Stage 25000.0

Financials:

(Data in $ millions)

Y/E

12/31/99

Total Revenues: $0.1

Net Income: -8.7