SIERRA ONCOLOGY, INC. (NASDAQ:SRRA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On December 14, 2020, Sierra Oncology, Inc. (the “Company”) entered into a 48-month office lease agreement (the “Lease”) with KW Fund VI-San Mateo, LLC (the “Landlord”), with an Anticipated Lease Commencement Date (such term as defined in the Lease) of January 1, 2021. The Lease premises include approximately 3,792 square feet, located at Suite 110, 1820 Gateway Drive, San Mateo, California (the “Premises”).
The aggregate estimated base rent payment due to the Landlord over the term of the Lease is approximately $0.9 million, subject to abatement of base rent during the first four months of the Lease. Additionally, to the extent that the Landlord’s future annual Operating Expenses and Tax Expenses exceed those allocated during the Base Year of the Lease (such terms as defined in the Lease), the Company shall pay to the Landlord the Tenant’s Share (representing 5.11%) of the excess Operating Expenses and Tax Expenses respecting the Premises (the “Additional Rent”).
The foregoing description of the Lease is qualified in its entirety by reference to the Lease, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Item 2.03Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
About SIERRA ONCOLOGY, INC. (NASDAQ:SRRA)
Sierra Oncology, Inc., formerly ProNAi Therapeutics, Inc., is a clinical-stage drug development company. The Company’s lead drug candidate, SRA737, is orally bioavailable small molecule inhibitor of Checkpoint kinase 1 (Chk1), a key cell cycle checkpoint and central regulator of the deoxyribonucleic acid (DNA) Damage Response (DDR) network. SRA737 is being investigated in approximately two Phase I clinical trials in patients with advanced cancer. Sierra Oncology is also advancing SRA141, an orally bioavailable small molecule inhibitor of the cell division cycle 7 kinase (Cdc7) kinase undergoing preclinical development. Sierra is building a range of pipeline of various oncology assets against targets at the edge of cancer biology. The Company’s SRA737 and SRA141 target the DDR network, a scientifically approach with far-reaching potential across oncology. SRA141 is an orally available small molecule inhibitor of Cdc7.