MATINAS BIOPHARMA HOLDINGS, INC. (OTCMKTS:MTNB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
| Entry into a Material Definitive Agreement. |
On December 15, 2016, Matinas BioPharma Holdings, Inc., a
Delaware corporation (the Company), entered into a Lease
Agreement (the Lease Agreement) with CIP II/AR Bridgewater
Holdings LLC, a Delaware limited liability company (the
Landlord), as landlord, to which the Company agreed to lease from
the Landlord certain premises (the Leased Premises) located in
Bridgewater, New Jersey, to be used as the Companys laboratory
facility. Occupancy is expected to occur on or about March 15,
2017.
The Leased Premises consist of approximately 14,336 leasable
square feet. The base rent for the Leased Premises varies over
the Term (as defined below), and generally ranges from
approximately $516,100 to $771,600 per year. The Company also
will be responsible for its pro rata share of any operating
expenses, taxes and insurance expenses incurred by the Landlord
in connection with the office building in which the Leased
Premises are located. Within fifteen (15) days of executing this
Lease Agreement, the Company must deliver to the Landlord a
security deposit in the amount of $586,000. Provided there is no
event of default of a monetary nature, the amount of the security
deposit shall be reduced by $100,000 on each of the first, second
and third anniversaries of the Commencement Date (as defined
below), such that as of the third anniversary date, the amount of
the security deposit shall be $286,000. Provided that there is no
event of default as of the fourth anniversary date, the amount of
the security deposit shall be further reduced to $200,000.
The initial term of the Lease Agreement (the Term) is for a
period of ten years and shall begin on the date that Landlord
substantially completes the initial tenant improvements work,
which is expected to be on or about March 15, 2017 (the
Commencement Date). Under the Lease Agreement, the Company has
the option to extend the Term for one subsequent five-year
period, provided that the base rent during any extension term
will be at a market rate reasonably determined by the Landlord.
The summary of the Lease Agreement does not purport to be
complete and is qualified in its entirety by reference to full
text of the Lease Agreement, which will be filed as an exhibit to
the Companys Annual Report on Form 10-K for the period ending
December 31, 2016.
| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information under Item 1.01 above is incorporated by
reference into this Item 2.03, and is qualified in its entirety
by reference to the full text of the Lease Agreement, a copy of
which will be filed as an exhibit to the Companys Annual Report
on Form 10-K for the period ending December 31, 2016.
About MATINAS BIOPHARMA HOLDINGS, INC. (OTCMKTS:MTNB)
Matinas BioPharma Holdings, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in identifying and developing therapeutics for the treatment of serious and life-threatening infections. It is engaged in developing a pipeline of product and development candidates, with an initial focus on serious fungal and bacterial infections. Its cochleate delivery technology platform is designed for the targeted delivery of pharmaceuticals directly to the site of infection or inflammation. Its MAT 2203 is an oral formulation of a spectrum anti-fungal drug called amphotericin B, which uses its cochleate delivery technology. Its MAT2501 is an orally administered, encochleated formulation of the spectrum aminoglycoside antibiotic amikacin, which may be used to treat different types of multidrug-resistant bacteria, including non-tubercular mycobacterial infections (NTM), as well as various multidrug-resistant gram negative and intracellular bacterial infections. MATINAS BIOPHARMA HOLDINGS, INC. (OTCMKTS:MTNB) Recent Trading Information
MATINAS BIOPHARMA HOLDINGS, INC. (OTCMKTS:MTNB) closed its last trading session down -0.01 at 1.25 with 5,250 shares trading hands.