BIOCEPT, INC. (NASDAQ:BIOC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 1, 2020, Biocept, Inc. (the “Company”) entered into a lease agreement (the “Lease”), with 9955 Mesa Rim A DE LLC (“Landlord”), for the lease of approximately 39,600 square feet of office and laboratory space located at 9955 Mesa Rim Road, San Diego, California 92121 (the “Premises”). The commencement date of the Lease (the “Commencement Date”) will occur no later than December 1, 2020. The Company plans to use the Premises as a clinical reference laboratory and its corporate headquarters, including manufacturing and research laboratories. The term of the Lease (the “Initial Term”) is for 127 months after the Commencement Date. The Company has the option to renew the Lease for two additional periods of five years each (each additional period, a “Renewal Period”). The initial monthly base rent during the Initial Term will be approximately $111,000, with annual year-over-year increases of approximately 3%, and subject to a seven-month rent abatement period (resulting in approximately $777,000 of rent abatement) during months two through eight of the Initial Term. In addition, the Landlord has agreed to provide the Company with a tenant improvement allowance of approximately $1.6 million for costs relating to the initial design and construction of improvements at the Premises. For the Renewal Periods, if any, the rent due shall be the fair market value of the Premises at the time of the commencement of the Renewal Period multiplied by the rentable square footage of the Premises. The Company will also be responsible for the payment of additional rent to cover the annual operating expenses of the building and the annual tax expenses of the building. In the event of a default of certain of the Company’s obligations under the Lease, Landlord would have the right to terminate the Lease and recover damages as provided by the Lease and by law.
About BIOCEPT, INC. (NASDAQ:BIOC)
Biocept, Inc. is an early commercial-stage molecular oncology diagnostics company. The Company develops and commercializes circulating tumor cell (CTC) and circulating tumor deoxyribonucleic acid (ctDNA), assays utilizing a standard blood sample, or liquid biopsy. The Company’s Target-Selector offering is based on an internally developed, microfluidics-based CTC capture and analysis platform, with enabling features that change how CTC testing can be used by clinicians by providing biomarker detection and monitoring requiring only a standard blood sample. The ctDNA technology enables mutation detection and is applicable to nucleic acid from CTCs or other sample types, such as blood plasma. The Company commercializes its Target-Selector assays for a range of solid tumor indications, such as breast cancer, non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), gastric cancer, colorectal cancer, prostate cancer and melanoma.
