Ocular Therapeutix, Inc. has entered into a lease agreement with landlord WS NV 15 Crosby Drive, LLC for 70,712 square feet of office, research and development and manufacturing space at 15 Crosby Drive in Bedford, Mass.
The lease term will commence on February 1, 2017 and expire on July 31, 2027. No base rent will be due under the lease until August 1, 2017.
The company intends to relocate its corporate headquarters to the premises beginning in 2017 and all of its operations to the premises by 2018. Ocular Therapeutix lists its current headquarters address at 34 Crosby Dr in Bedford.
The initial annual base rent for the lease is $1.2 million and will increase annually beginning on February 1 of each year. The firm is obligated to pay all real estate taxes and costs related to the premises, including costs of operations, maintenance, repair, and replacement and management of the Premises.
The lease allows for a construction allowance of $2.8 million. The allowance must be used on or before December 31, 2017, or it will be deemed forfeited with no further obligation by the landlord.
Ocular Therapeutix, Inc. (NASDAQ: OCUL) is a biopharmaceutical company focused on the development and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary hydrogel platform technology. Ocular Therapeutix’s lead product candidate, DEXTENZA™ (sustained release dexamethasone) Intracanalicular Depot, is in Phase 3 clinical development for post-surgical ocular inflammation and pain and allergic conjunctivitis, and in Phase 2 clinical development for dry eye disease. A New Drug Application (NDA) for the post-operative ocular pain indication has been filed with FDA and has a Prescription Drug User Fee Act (PDUFA) target action date of July 24, 2016.