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Quotes & Info
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| ADLS.OB > SEC Filings for ADLS.OB > Form 8-K on 2-Nov-2009 | All Recent SEC Filings |
2-Nov-2009
Entry into a Material Definitive Agreement, Financial State
On October 29, 2009, Advanced Life Sciences Holdings, Inc., through its subsidiary Advanced Life Sciences, Inc. (the "Company"), entered into a new Lease Agreement ("New Lease") with BioStart Property Group, LLC ("BioStart"), effective as of October 1, 2009.
The New Lease is effective for a period of three years and covers 9,440 square feet of space at $10.50 per square foot. The rent schedule of the lease will increase to $10.76 per square foot in the second year and $11.08 per square foot in the third year. As part of the New Lease, the Company discontinued the rental of the laboratory and certain office space. The New Lease has a provision allowing the Company to negotiate an amendment to lease additional laboratory and office space should the need arise.
The Company has leased its facilities from BioStart since 2003. The original operating lease expired in September 2008. Since such time, pursuant to the terms of the original operating lease, the Company has leased the facilities on a month-to-month basis pending agreement on a lease renewal. In connection with the New Lease, the Company made a payment of $197,000 to BioStart in satisfaction of lease payments that had been deferred since January 2009.
BioStart is a wholly-owned subsidiary of Flavin Ventures, LLC. Flavin Ventures, LLC is the controlling member of ALS Ventures, LLC, our largest stockholder. Michael T. Flavin and John L. Flavin, our Chief Executive Officer, and President and Chief Financial Officer, respectively, are the controlling members of Flavin Ventures, LLC. Because of the ownership interest in BioStart held by Flavin Ventures, the Company's audit committee, acting on behalf of the board, has overseen all lease negotiations on behalf of the Company and the board has approved the final terms of the New Lease.
A copy of the New Lease is attached hereto as Exhibit 10.1.
(d) Exhibits:
Exhibit No. Description
10.1 Lease Agreement between Advanced Life Sciences, Inc. and BioStart
Property Group, LLC dated October 29, 2009.
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