SPRING BANK PHARMACEUTICALS, INC. (NASDAQ:SBPH) Files An 8-K Entry into a Material Definitive AgreementItem 2.03Entry into a Material Definitive Agreement.
On October 4, 2017, Spring Bank Pharmaceuticals, Inc. (“Spring Bank”) entered into a Lease Agreement with 35 Parkwood Realty LLC (the “Landlord”) for approximately 29,483 rentable square feet (the “Lease”) in the building located at 35 Parkwood Road, Hopkinton, Massachusetts.The premises covered by the Lease will serve as Spring Bank’s new principal office and laboratory space.
The initial term of the Lease is 125 months beginning on the date on which the Landlord substantially completes certain renovations to the premises covered by the Lease, which is targeted for approximately April 2018.Spring Bank has the option to extend the Lease one time for an additional 5-year period.
Following an eleven-month rent abatement period, Spring Bank will be obligated to make monthly rent payments in the amount of $33,783, which is subject to increase by approximately 3% annually for the first five years of the Lease and by approximately 2.5% annually thereafter. In addition, Spring Bank is responsible under the Lease for specified costs and charges, including certain operating expenses, utilities, taxes and insurance.
The Lease contains customary events of default that entitle the Landlord, among other things, to terminate the Lease and recover from Spring Bank all rent payments and other amounts payable as of the date of termination and that would otherwise be payable for the remainder of the term of Lease, plus certain additional costs and expenses arising from the termination. The specified events of default include, among others, nonpayment of rent or other amounts due and payable by Spring Bank under the Lease, an uncured breach of a covenant under the Lease and certain bankruptcy and insolvency events.
The foregoing summary of the Lease is qualified in its entirety by reference to the full text of the lease, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K 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 disclosure set forth above under Item 2.03 is incorporated herein by reference.
Item 2.03 Financial Statements and Exhibits.
(d) Exhibits
Spring Bank Pharmaceuticals, Inc. ExhibitEX-10.1 2 sbph-ex101_68.htm EX-10.1 LEASE AGREEMENT sbph-ex101_68.htm Exhibit 10.1 EXECUTION COPY LEASE AGREEMENT BETWEEN 35 PARKWOOD REALTY LLC AS LANDLORD AND SPRING BANK PHARMACEUTICALS,…To view the full exhibit click here
About SPRING BANK PHARMACEUTICALS, INC. (NASDAQ:SBPH)
Spring Bank Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery and development of a class of therapeutics using its small molecule nucleic acid hybrid (SMNH) chemistry platform. The Company is developing its SMNH product, SB 9200, for the treatment of viral diseases. The Company’s SB 9200 selectively activates within infected cells the cellular proteins retinoic acid-inducible gene 1 (RIG-I) and nucleotide-binding oligomerization domain-containing protein 2 (NOD2) to inhibit viral replication and to cause the induction of intracellular interferon signaling pathways for antiviral defense. It also focuses on the use of SB 9200 in other viral diseases, including respiratory syncytial virus (RSV), human immunodeficiency virus (HIV), and latency and hepatitis delta virus (HDV), conducting preclinical research of additional SMNH product candidates or compounds as antiviral therapies and conducting early-stage research programs.
