NuPathe Inc. has signed a lease with Liberty Property Trust and will relocate its headquarters to Malvern, Pa., from Conshohocken, Pa., according to Securities and Exchange Commission documents.
The pharmaceutical company signed an 11-year lease on 13,260 square feet of office and lab space at 7 Great Valley Parkway. NuPathe has an option to expand into a total of 21,266 square feet. It will move from 227 Washington St. in Conshohocken.
The company entered into the lease on Sept. 18 and will move Sept. 30.
The company entered into an arrangement where it can terminate the new lease by September 30, 2014, if it does not enter into a commercial partnership for Zecuity and raise at least $50 million by April 30, 2014, according to SEC documents. It would have to pay a $2,500 lease termination fee.
In January, NuPath (NASDAQ: PATH) received approval from the Food and Drug Administration for Zecuity, its first drug. Zecuity is a single-use, battery-powered patch that delivers sumatriptan, the most widely prescribed migraine medication, through the skin. It provides relief of headache pain and migraine-related nausea.
The company plans to launch the drug during the fourth quarter.
In the event NuPathe does not terminate the new lease, NuPath will expand to 21,266 square feet.
NuPathe said it dealt with no brokers in connection with this lease except for Tactix Real Estate Advisors, whose commission will be paid by Liberty (NYSE: LRY). Its monthly rents starts out at $17,127 and by the end of the term is $36,116.
Source; Philadelphia Business Journal
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