CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On November8, 2013, CymaBay Therapeutics, Inc. (“CymaBay”) entered into a lease (the “Lease”) with BMR-Pacific Research Center LP (the “Landlord”), as landlord, for office space located at 7999 Gateway Boulevard, Newark, California (the “Premises”). On April19, 2018, CymaBay and the Landlord entered into an amendment to the Lease (together with the Lease, the “Amended Lease”), effective as of April16, 2018, to, among other things, relocate and expand CymaBay’s main offices. The Amended Lease covers approximately 17,698 square feet of office space located at 7575 Gateway Boulevard, Newark, California (the “New Premises”).
The term of the Amended Lease was extended to January15, 2024. CymaBay has an option to further extend the term of the Amended Lease for an additional five years, which would commence upon the expiration of the term, at a market rate determined according to the Amended Lease.
The total monthly base rent under the Amended Lease for the New Premises will be $52,209.10 for months 1-12 after CymaBay takes possession of the New Premises (anticipated to be on or around December1, 2018) (the “New Premises Commencement Date”). Base rent shall increase by 3% of the then-current base rent annually thereafter. In addition, during the term of the Amended Lease, CymaBay will pay the Landlord, on a monthly basis, specified percentages of certain operating expenses, property management fees and taxes related to the New Premises incurred by the Landlord. The Landlord will provide occupancy to CymaBay of the New Premises upon the substantial completion of certain tenant improvements. CymaBay will pay $75,000 to the Landlord as CymaBay’s contribution to the New Premises tenant improvements.
In connection with the Amended Lease, CymaBay will increase the deposit held by the Landlord by $105,931.50 (to total $156,627.30) as security for CymaBay’s payment and performance of its obligations under the Amended Lease.
The foregoing summary of the Amended Lease does not purport to be complete and is qualified in its entirety by reference to the Lease, which was filed as Exhibit 10.27 to CymaBay’s Form 10-Q filed on November25, 2013, and the amendment to the Lease, which will be filed as an exhibit to CymaBay’s Quarterly Report on Form 10-Q.
About CymaBay Therapeutics, Inc. (NASDAQ:CBAY)
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to treat metabolic diseases, including serious rare and orphan diseases. The Company’s product candidates include Arhalofenate, MBX-8025 and MBX-2982. Arhalofenate is used to treat gout. MBX-8025 is a selective agonist for the peroxisome proliferator-activated receptor delta (PPARd). The Company has completed over five Phase I clinical studies and a Phase II clinical study for MBX-8025. MBX-2982 is an oral, G-protein coupled receptor agonist being evaluated as a therapeutic agent for patients with Type 2 diabetes (T2DM), with a dual mechanism, including direct effects and indirect effects mediated by gastrointestinal hormones known as incretins on glucose-dependent insulin secretion, as well as potentially beneficial effects on islet health. The Company has completed over four Phase I clinical studies and a Phase II clinical study for MBX-2982.
