These excerpts taken from the ANIK 10-K filed Mar 12, 2008.
Our corporate headquarters is located in Bedford, Massachusetts, where we lease approximately 134,000 square feet of administrative, research and development and manufacturing space. We entered into this lease on January 4, 2007, and the lease commenced on May 1, 2007 for an initial term of ten and a half years, We have an option under the Lease to extend its terms for up to four periods beyond the original expiration date subject to the condition that we notify the landlord that we are exercising each option at least one year prior to the expiration of the original or current term thereof. The first three renewal options each extend the term an additional five years with the final renewal option extending the term six years. Our administrative, marketing, regulatory, and research and development personnel moved into the Bedford facility in November of 2007, and we anticipate that the buildout and validation for the manufacturing space will be completed by mid-2009. Our prior corporate headquarters was located in Woburn, Massachusetts and the lease for that facility ended on December 31, 2007. We also lease approximately 37,000 square feet of space at a separate location in Woburn, Massachusetts, which currently houses our manufacturing facility and warehouse. This facility has received all FDA, state and European regulatory approvals to operate as a sterile device and drug manufacturer. We extended our lease for this facility in 2003. For the year ended December 31, 2007, we had aggregate lease costs of approximately $1,319,000.
We intend to spend approximately $30 million to build out the Bedford facility that will serve as our corporate headquarters and manufacturing facility for the foreseeable future. Through December 31, 2007, approximately $16.5 million has already been spent in connection with the buildout. Our plan is to fund the project with cash on hand and debt. On January 31, 2008, the Company entered into a Credit Agreement. Under the agreement, our lender will make periodic loans to the Company through December 31, 2008 of up to a maximum principal amount at any time outstanding of $16 million. Buildout and validation of the Bedford facility commenced in the spring of 2007 and will continue into 2009. There can be no assurance that we will be successful in re-qualifying the new facility under the FDA and European Union regulations.
Our corporate headquarters is located in Bedford, Massachusetts, where we lease approximately 134,000 square feet of administrative, research and development and