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Orchid Pays $1.3M to Buy Out Lease on Unused Facility

May 23, 2005

NEW YORK, May 23 (GenomeWeb News) - Orchid BioSciences has paid $1.3 million to terminate a lease on a Plainsboro, NJ-based facility that the company had not used for over a year, according to a company filing with the US Securities and Exchange Commission.

 

Orchid said that it signed a lease on the facility in 1998, but that it has not conducted business there since 2003. A company spokeswoman told GenomeWeb News that the facility housed Orchid's SNP instrumentation and consumables operations, the assets of which were sold to Beckman Coulter in late 2002. 

 

According to the SEC filing, the property's landlord found a new tenant for the facility, allowing Orchid to buy out of its lease for $100,000 plus one-half of the rent due on the remainder of the lease.

 

Orchid said that the lease was extinguished on May 18.

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