OBALON THERAPEUTICS, INC. (NASDAQ:OBLN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On June 1, 2018, Obalon Therapeutics, Inc. (the “Company”) amended its office lease agreement (as amended, the “Lease”) with Gildred Development Company, DBA Ocean Point (“Lessor”) for the purpose of extending the term of the current lease on its corporate headquarters and leasing an additional 2,700 square feet of space in an adjacent building.
This amendment will extend the expiration of the term of the Company’s lease from March 31, 2019 to March 31, 2022. The total payments associated with the Lease will be approximately $1.9 million over the Lease term. Beginning June 15, 2018, the Company’s total square feet of leased space will increase from 17,500 to 20,200 and the base rent will increase from $30,643 per month to $35,773 per month relating to the additional leased space. The Company’s base rent will then periodically increase to a maximum of $39,024 per month beginning June 2021. The Lease does not include any right or option to extend the term after its expiration.
Under the Lease, the Company is also responsible for paying common area operating expenses of $3,030 per month in addition to the base rent. The Lease also includes a tenant improvement allowance not to exceed $121,200 to be used for repairs and maintenance and any other improvements mutually agreed upon by the Company and Lessor.
The foregoing is a summary description of certain terms of the amendment to the Company’s office lease agreement and does not purport to be complete, and it is qualified in its entirety by reference to the full text of the amendment, which is attached as Exhibit 10.1 to this Current Report and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
OBALON THERAPEUTICS INC ExhibitEX-10.1 2 obln101leaseagreement-amen.htm EXHIBIT 10.1 Exhibit FOURTH AMENDMENT TO LEASE DATED MAY 31,…To view the full exhibit click here
About OBALON THERAPEUTICS, INC. (NASDAQ:OBLN)
Obalon Therapeutics, Inc. is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients. The Obalon balloon system is intended to be used as an adjunct to a moderate intensity diet and behavior modification program. All balloons must be removed six months after the first balloon is placed. The Obalon balloon system intends to provide patients and physicians with a reversible and repeatable weight loss solution in an outpatient setting, without altering patient anatomy or requiring surgery. The Company has received Premarket approval (PMA) for its Obalon balloon system based on the results of its United States pivotal clinical trial, referred to as the SMART trial.