DOV Pharmaceutical Announces Successful Restructuring of Office Lease
3/4/2008 10:21:20 AM
SOMERSET, NJ--(Marketwire - March 03, 2008) - DOV Pharmaceutical, Inc. (OTCBB: DOVP) announced that it has completed another significant aspect of its restructuring plan by reducing the term of its office lease to January 2009 from February 2016, as well as reducing its monthly payment obligations to $100,000 from approximately $250,000. As a result of the lease restructuring, the $24.2 million lease obligation is now reduced to $1.2 million. In exchange, the Company has released its $4.2 million security deposit, thereby reducing long-term restricted cash on its balance sheet to zero.