Heron Therapeutics (HRTX) Enters Lease Agreement with AP3-SD1 Campus Point

October 20, 2016 7:24 AM EDT
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Heron Therapeutics (Nasdaq: HRTX) disclosed the following in a U.S. SEC filing on Thursday:

Item 1.01 Entry into a Material Definitive Agreement.

On October 18, 2016, Heron Therapeutics, Inc. (the "Company") entered into a Lease (the "Lease") with AP3-SD1 Campus Point LLC (the "Landlord") pursuant to which the Company will lease office and laboratory space in the building located at 4242 Campus Point Court, San Diego, California for period of seven years and four and one-half months, beginning on or about December 1, 2016. Pursuant to the Lease, the Company has agreed to pay a basic annual rent that rises incrementally over the term of the lease from $1,299,519.00 for the first 12 months of the Lease to a prorated portion of $1,598,244.48 for the last four and one-half months of the Lease, and such other amounts as set forth in the Lease Agreement. The Company also paid to the Landlord a security deposit in the amount of $133,187.04. The Lease provides the Company an option to renew the lease for an additional five year term. Pursuant to the Lease, the Landlord has granted the Company a one-time right of first refusal during the term of the Lease with respect to certain additional office and laboratory space in the same building. The Lease contains customary default provisions, representations, warranties and covenants.

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