Biotech company Argos Therapeutics Inc. had its lease terminated for space on the N.C. State campus, according to a Form 8-K filed with the Securities and Exchange Commission.

In January, the Durham-based company signed a 10-year lease for a 40,000-foot manufacturing space at the Center for Technology & Innovation on North Carolina State University’s Centennial Campus.

Keystone-Centennial terminated the lease on March 17 due to Argos “non-payment of invoices for up-fit costs.” The company has not disputed the termination of the lease and does not plan to correct the default.

Per the lease agreement, Argos is liable for any and all costs incurred by Keystone-Centennial in re-letting the premises. Argos is responsible for any deficiencies involving scheduled rent for the remainder of the term of the lease and rent charged to the new tenant.

The company is also responsible for the unamortized portion of the funded up-fit costs and rent abatement, with a 12 percent annual interest rate for the fees, as well as all attorney fees incurred in terminating the lease.

In the filing, Argos stated they disputed liability for some of the listed costs. The form was signed by President and CEO Jeffrey Abbey.

Argos intended to use the rented space to prepare for submission of a biologics license application (BLA) to the U.S. Food & Drug Administration and to support the initial commercialization of rocapuldencel-T, the company’s most advanced product candidate, which is being evaluated for the treatment of metastatic renal cell carcinoma (mRCC) in the company’s ADAPT Phase 3 clinical trial.

The CTI facility was expected to support domestic and international product launches, pending regulatory approval of the drug.

Argos Therapeutics began at Rockerfeller University when company co-founder and Nobel Prize winner Dr. Ralph Stienman discovered a method of generating dendritic cells in the immune system. Argos continues to develop and commercialize immunotherapies to treat cancer and other infectious diseases using its Arcelis technology platform.

Argos Therapeutics stock closed on March 23 at 73 cents per share, down 14 cents, or 16.43 percent.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism