Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL) Files An 8-K Termination of a Material Definitive AgreementItem 1.02
On August 23, 2017, the Company received a letter (the “Termination Letter”) on behalf of PPF OFF 200 Cambridge Park Drive, LLC (the “Landlord”) terminating that certain Indenture of Lease (the “Lease”), dated as of November 7, 2014, between King 200 CPD LLC (the predecessor entity as landlord) and the Company. The Termination Letter stated that the Landlord has terminated the Lease effective immediately, to Section 20.2 thereof.
Under the terms of the Lease, the Company leased 16,825 square feet of laboratory and office space at 200 CambridgePark Drive in Cambridge, Massachusetts, which is the Company’s only facility. The term of the Lease is for five years, with initial base rent of $42.50 per square foot, or approximately $715,062 on an annual basis. The base rent increases incrementally over the term of the Lease, reaching approximately $804,739 on an annual basis in the fifth year of the term. In addition, the Lease provides that the Company is obligated to pay a proportionate share of the operating expenses and applicable taxes associated with the premises, as calculated to the terms of the Lease. The Lease also required that the Company post a security deposit in the amount of $529,699, either in the form of cash or an irrevocable letter of credit.
The Termination Letter noted that the Company had failed to pay certain items of rent and other charges due on August 1, 2017, and that such failure had continued through the applicable cure period following initial notice delivered to the Company, which constitutes an Event of Default (as defined in the Lease). The Termination Letter stated that the Company is directed to immediately quit, surrender and deliver up the premises that are the subject of the Lease. The Termination Letter also noted that the Landlord reserves the right to avail itself of all rights and remedies under the Lease, at law and/or in equity.
About Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL)
Enumeral Biomedical Holdings, Inc. is a biopharmaceutical company focused on discovering and developing antibody immunotherapies that help the immune system fight cancer and other diseases. The Company utilizes a platform technology that facilitates the resolution measurement of immune cell function within small tissue biopsy samples. Its initial focus is on the development of a pipeline of monoclonal antibody drugs targeting established and immuno-modulatory receptors. Its platform technology is a microwell array technology that detects secreted molecules (such as antibodies and cytokines) and cell surface markers at the level of single, live cells and enables recovery of single, live cells of interest. Its program involves antibodies against the Programmed Cell Death receptor, commonly known as (PD-1). In addition to its PD-1 antibody program, it is developing antibody drug candidates for a number of immunomodulatory protein targets, including TIM-3, LAG-3, OX40, TIGIT and VISTA. Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL) Recent Trading Information
Enumeral Biomedical Holdings, Inc. (OTCBB:CEUL) closed its last trading session at 0.150 with shares trading hands.