Argos Therapeutics, Inc. (NASDAQ:ARGS) Files An 8-K Termination of a Material Definitive AgreementItem 1.02
As previously reported, on January 17, 2017, Argos Therapeutics, Inc. (the “Company”) entered into a 10-year lease agreement (the “Lease”) with Keystone-Centennial II, LLC (the “Landlord”), to which the Company leased approximately 40,420 rentable square feet for occupancy and use by the Company as office space and as a commercial manufacturing facility at the Center for Technology Innovation on the Centennial Campus of North Carolina State University in Raleigh, North Carolina. The Lease was described in a Current Report on Form 8-K filed on January 23, 2017 and was previously filed as Exhibit 10.40 to the Company’s Form 10-K for the fiscal year ended December 31, 2016.
On March 17, 2017 the Landlord notified the Company that it was terminating the Lease (the “Termination Notice”), effective immediately. The Company never occupied the leased space. In the Termination Notice, the Landlord asserted that the Company was in default under the Lease due to nonpayment of invoices for up-fit costs. The Company has not disputed the occurrence of the event of default or the termination of the Lease and does not plan to seek to cure the default. In the Termination Notice, the Landlord states that the Company is liable for any and all costs incurred by the Landlord in re-letting the Premises, any deficiency between the Company’s scheduled rent for the remainder of the term of the Lease and the rent charged to the new tenant, the unamortized portion of the funded up-fit costs, rent abatement, interest at the rate of 12% per annum on the sums noted and all attorneys’ fees incurred by the Landlord in enforcing the Lease. The Company has instructed the Landlord to begin the process of re-letting the premises in order to mitigate damages. The Company disputes liability for some of these costs.
About Argos Therapeutics, Inc. (NASDAQ:ARGS)
Argos Therapeutics, Inc. (Argos) is an immuno-oncology company. The Company is focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its technology platform called Arcelis. The Company’s Arcelis technology platform utilizes biological components from a patient’s own cancer cells or virus to generate individualized immunotherapies. The Company is engaged in the development of AGS-003 for the treatment of metastatic renal cell carcinoma (mRCC), and other cancers. It is conducting a pivotal Phase III clinical trial of AGS-003 plus sunitinib or another targeted therapy for the treatment of newly diagnosed mRCC under a special protocol assessment (SPA). It is engaged in the development of AGS-004 for the treatment of Human Immunodeficiency Virus (HIV). It has conducted over three clinical trials of AGS-004, including a Phase IIb clinical trial, Phase IIa clinical trial and Phase I clinical trial. Argos Therapeutics, Inc. (NASDAQ:ARGS) Recent Trading Information
Argos Therapeutics, Inc. (NASDAQ:ARGS) closed its last trading session down -0.143 at 0.727 with 299,431 shares trading hands.