OPHTHOTECH CORPORATION (NASDAQ:OPHT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement
On November, 1 2017, Ophthotech Corporation (the “Company”) entered into a fifth amendment of lease (the “Fifth Lease Amendment”) with One Penn Plaza LLC, as landlord, amending, effective as of October 1, 2017, the Lease Agreement, dated as of September30, 2007, between the Company and One Penn Plaza LLC, as previously supplemented and amended (as so supplemented and amended, the “Lease”). The Fifth Lease Amendment provides for a different, smaller premises to be made available to the Company under the Lease at One Penn Plaza in New York City, New York, resulting in total office space available under the Lease of approximately 13,500 square feet. The Company intends to use the office space for corporate and clinical operations. The new office space will be available to the Company following the completion of construction being performed by the landlord, which is expected to be completed prior to the end of January 2018. Notwithstanding the Company's prior termination notice under the Lease, the Lease is now scheduled to expire at the end of 2018. The incremental rental fees, which includes utilities costs, over the extended term of the Lease from January through December 2018 are expected to be approximately $650,000. The Company is also liable for taxes and other charges related to the leased premises. The Company previously provided the landlord with a letter of credit in an amount of approximately $138,000 to secure the Company’s obligations under the Lease.
The Company expects to file the Fifth Lease Amendment as an exhibit to its Quarterly Report on Form 10-K for the year ending December 31, 2017. The foregoing description is qualified in its entirety by reference to the complete text of the Fifth Lease Amendment when filed.
About OPHTHOTECH CORPORATION (NASDAQ:OPHT)
Ophthotech Corporation is a biopharmaceutical company. The Company specializes in the development of therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration (AMD). Its advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs. It is also developing its product candidate Zimura for the treatment of patients with geographic atrophy, a form of dry AMD, in combination with VEGF therapy for the treatment of polypoidal choroidal vasculopathy (PCV). Fovista is being tested in Phase III clinical development. In addition, it has initiated additional clinical trials to evaluate the potential additional benefits of Fovista administered in combination with anti-VEGF drugs in wet AMD patients, known as Fovista Expansion Studies. Zimura has completed a small, multicenter, uncontrolled, open label Phase I/IIa clinical trial.