Note 11 - Lease Commitments

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

11

. Lease commitments

In

March 2018,

the Company entered into an agreement relating to its location in Norwood, Massachusetts to bifurcate its existing lease for

two

adjacent facilities into

two

separate leases, as

one

of the facilities was being sold to a new owner. The

first

of the

two

leases, which is referred to as the

“315

Lease”, relates to about

18,000

rentable square feet within a larger facility. The

315

Lease was amended in

September 2018

to extend the term through

March 31, 2023.

The escalating monthly base rental payments on the

315

Lease over the lease term will range from

$34,000

per month to

$37,000

per month.

The

second

lease, which extends through

March 31, 2023,

is referred to as the

“320

Lease” and relates to a building containing about

39,000

rentable square feet. The escalating monthly base rental payments on the

320

Lease over the lease term will range from

$67,000

per month to

$83,000

per month. We will have

two

options to extend the lease term, each for a

five

-year period.

In

June 2018,

the Company entered into a lease for new space in Abingdon, England, which extends through

June 30, 2033,

that will allow it to combine its manufacturing, laboratory, storage and office operations into a single facility. The base rent on the facility over the lease term will range from

$39,000

per month to

$79,000

per month. Select functional groups began moving into the facility during the

third

quarter of

2018.