CYTORI THERAPEUTICS, INC. (NASDAQ:CYTX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement.
On February 21, 2018 (the “Termination Date”), Cytori Therapeutics, Inc. (the “Company”) and 6262 Lusk Investors, LLC (the “Landlord”) entered into an agreement (the “Lease Termination Agreement”) terminating the Lease Agreement, dated as of February 27, 2017, as amended, between the Company and the Landlord (the “Lease Agreement”) for approximately 29,499 square feet of office space (the “Lease”), effective as of the Termination Date. The Company, in accordance with the terms of the Termination Agreement, paid a total termination fee to the Landlord of approximately $572,000 on the Termination Date, consisting of its initial rent payment and the amount of the Letter of Credit under the Lease Agreement, which the Company believes is less than the potential total lease and operating expense cash obligations that could have been incurred over one year.The Company initiated negotiations with the Landlord to restructure the Lease in connection with the Company’s restructuring announced on September 1, 2017.The negotiations related to allowing the Company to sublease part or the entirely of the office space to another tenant in order to reduce expenses and ongoing obligations, as well as delaying the commencement date of the Lease.
The foregoing summary of the Termination Agreement is not complete and is qualified in its entirety by reference to the full text of the Termination Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K.
A summary of the material terms of the Lease Agreement was included in the Company’s Current Report on Form 8-K filed on March 3, 2017, which is qualified in its entirety by reference to the full text of the Lease Agreement (filed as Exhibit 10.41 to the Company’s Annual Report on Form 10-K filed on March 24, 2017 and incorporated herein by reference).
Item 1.02.Termination of a Material Definitive Agreement.
The information set forth in Item 1.01 above regarding the Termination Agreement and the termination of the Lease is incorporated by reference into this Item 1.02.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
CYTORI THERAPEUTICS, INC. ExhibitEX-10.1 2 cytx-ex101_6.htm EX-10.1 cytx-ex101_6.htm Exhibit 10.1 LEASE TERMINATION AGREEMENT This LEASE TERMINATION AGREEMENT (“Agreement”) is entered into as of February 21,…To view the full exhibit click here
About CYTORI THERAPEUTICS, INC. (NASDAQ:CYTX)
Cytori Therapeutics, Inc. (Cytori) is a biotechnology company engaged in the development of treatments and devices for a range of disorders using cells as a key part of the therapy. The Company develops cellular therapeutics formulated and optimized for specific diseases and medical conditions and related products. It is focused on developing primary product, Cytori Cell Therapy, for patients with scleroderma hand dysfunction, orthopedic disorders, cardiovascular disease, urinary incontinence and thermal burns, including those complicated by radiation. Its cellular therapeutics are collectively known by the name, Cytori Cell Therapy, which consists of a heterogeneous population of specialized cells, including stem cells that are involved in response to injury, repair and healing. These cells are extracted from an adult patient’s own adipose tissue using its automated, enzymatic, sterile Celution System devices and consumable sets at the place where the patient is receiving their care.
