CERULEAN PHARMA INC. (NASDAQ:CERU) Files An 8-K Termination of a Material Definitive Agreement
Item1.02. Termination of a Material Definitive Agreement
On May31, 2017, Cerulean Pharma Inc. (the Company) entered into a
Lease Termination Agreement (the Termination Agreement) with
AstraZeneca Pharmaceuticals LP (the Landlord) to terminate that
certain Lease, dated as of July9, 2015, between the Company and
the Landlord, as previously amended by that certain First
Amendment of Lease dated March29, 2017 (as so amended, the Lease)
for office and laboratory space at 35 Gatehouse Drive in Waltham,
Massachusetts. to the terms of the Termination Agreement, the
Company has made an early termination payment of approximately
$427,240 and the termination was effective as of May31, 2017.
The Company elected to terminate the Lease in connection with the
implementation of its previously announced strategic plan
involving the sale of its two clinical product candidates, the
proposed sale of its proprietary Dynamic Tumor Targeting
Platform, and the reduction of staff to eight full-time
employees, following which the Company has effectively ceased
prior clinical research. The Company does not have any other
material relationship with the landlord under the Lease.
The foregoing description of the Termination Agreement does not
purport to be complete and is qualified in its entirety by
reference to the Termination Agreement, a copy of which is
attached as Exhibit 10.1 hereto and is incorporated herein by
Item9.01. Financial Statements and Exhibits.
See the ExhibitIndex attached hereto.
About CERULEAN PHARMA INC. (NASDAQ:CERU)
Cerulean Pharma Inc. is a clinical-stage, oncology-focused company. The Company applies its Dynamic Tumor Targeting platform to develop differentiated therapies. Its platform utilizes nanoparticle-drug conjugates (NDCs), which consist of polymers that are covalently linked to anti-cancer therapeutics or payloads. Its NDC platform is designed to create NDCs that accumulate high concentrations of active drug in tumor cells, without exposure to healthy tissue. Its platform is applicable to a range of payloads. It has created NDCs with a range of small molecule payloads, including Jevtana (cabazitaxel), gemcitabine, methotrexate and Xeljanz (tofacitinib). The Company’s product pipeline consists of CRLX101 and CRLX301. Its CRLX101 is a tumor targeted NDC. Its CRLX301 has docetaxel as its anti-cancer payload. CRLX101 has a camptothecin payload, which is a topoisomerase 1 (topo 1) inhibitor. CRLX301 is designed to concentrate docetaxel in tumor cells and spare healthy tissue. CERULEAN PHARMA INC. (NASDAQ:CERU) Recent Trading Information
CERULEAN PHARMA INC. (NASDAQ:CERU) closed its last trading session down -0.020 at 0.373 with 268,312 shares trading hands.