On December 31, 2019, DURECT Corporation (the "Company") and Oxford Finance LLC ("Oxford Finance") reported that it has 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 (Filing, 8-K, DURECT, DEC 31, 2019, View Source [SID1234552717]). 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.

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