-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IkCdSZQsr30DH7SCni0pTCqmYWK1uclFjZ9m/XUih7JAa4/NM86bSDuvIhvfglyg PxETCWUldcEBAfKahDPN3A== 0001104659-08-031546.txt : 20080509 0001104659-08-031546.hdr.sgml : 20080509 20080509083009 ACCESSION NUMBER: 0001104659-08-031546 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080509 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080509 DATE AS OF CHANGE: 20080509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Redpoint Bio CORP CENTRAL INDEX KEY: 0001328003 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 203215854 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51708 FILM NUMBER: 08816086 BUSINESS ADDRESS: STREET 1: 7 GRAPHICS DRIVE CITY: EWING STATE: NJ ZIP: 08628 BUSINESS PHONE: 609 637-9700 MAIL ADDRESS: STREET 1: 7 GRAPHICS DRIVE CITY: EWING STATE: NJ ZIP: 08628 FORMER COMPANY: FORMER CONFORMED NAME: Robcor Properties Inc DATE OF NAME CHANGE: 20050520 8-K 1 a08-13974_18k.htm 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of Earliest Event Reported): May 9, 2008

 

REDPOINT BIO CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-51708

 

22-3393959

(State of Incorporation)

 

(Commission File No.)

 

(IRS Employer ID No.)

 

Redpoint Bio Corporation

7 Graphics Drive

Ewing, New Jersey 08628

 (Address of Principal Executive Offices)

 

(609) 637-9700
Registrant’s Telephone Number, Including Area Code:

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 



 

Item 8.01. Other Events.

 

On May 9, 2008, Redpoint Bio Corporation, a Delaware corporation (the “Company”), issued a press release to report the Company’s financial results for the quarter ended March 31, 2008.  The full text of the press release is attached to this current report on Form 8-K as Exhibit 99.1.

 

The information in this current report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 



 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

99.1

 

Press Release dated May 9, 2008.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

REDPOINT BIO CORPORATION

 

 

 

Dated: May 9, 2008

 

 

 

 

 

 

By:

/s/ Scott Horvitz

 

Name:

Scott Horvitz

 

Title:

Chief Financial Officer, Treasurer
and Secretary

 


EX-99.1 2 a08-13974_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

REDPOINT BIO REPORTS FIRST QUARTER 2008 RESULTS

 

Ewing, New Jersey, May 9, 2008 — Redpoint Bio Corporation (OTCBB: RPBC), a company developing ingredients to improve the taste of pharmaceutical, food and beverage products, today announced financial and operational results for the first quarter ended March 31, 2008. Recent highlights included:

 

·                  Issuance of two patents from the U.S. Patent and Trademark Office, covering the use of assay technology used to identify modulators of the TRPM5 ion channel;

·                  Discovery by Redpoint’s scientific team that thymol, a major component of oral consumer products known for its aversive taste qualities, can activate the human transient receptor potential A1 (hTRPA1) ion channel; and

·                  Continued build out of the Company’s R&D operations in support of the Givaudan and Coca-Cola collaborations and its internal discovery programs.

 

For the quarter ended March 31, 2008, Redpoint recorded revenue of $0.9 million, which includes the Company’s research and development collaboration with Givaudan, signed in March 2007, and the initiation of services performed under Redpoint’s research and technology development agreement with The Coca-Cola Company, signed in December 2007. For the quarter ended March 31, 2007, Redpoint recorded revenues of $41,000.

 

Research and development expenses for the first quarter of 2008 were $2.0 million, compared to $2.6 million for the first quarter of 2007.

 

Redpoint reported a net loss attributable to common stockholders for the first quarter of 2008 of $2.5 million, or $0.03 per share, compared to $5.3 million, or $0.30 per share, for the first quarter of 2007.  During the quarter ended March 31, 2007, the Company recorded a non-cash charge to research and development expense of $1.6 million in connection with the issuance of shares related to anti-dilution protection for the Company’s scientific founder.  In addition, during the quarter ended March 31, 2007, the Company recorded a non-cash charge to interest expense of $1.2 million in connection with the conversion of certain promissory notes into common stock.

 

At March 31, 2008, Redpoint had approximately $21.0 million in cash, cash equivalents and marketable securities.

 

Commenting on the quarter, Ray Salemme, Ph.D., Chief Executive Officer of Redpoint, stated, “We are pleased with our operational progress during the quarter. Specifically, research and development activities continue with our two collaborative partners, Givaudan and The Coca-Cola Company, as well as our internal discovery programs.”

 

On the pharmaceutical side, Redpoint’s goal is to develop bitter blockers that will help improve patient compliance with drug regimens, while improving safety and efficacy. “Initial applications could include liquid and oral dissolve formulations.  Our scientific team is working to identify

 



 

compounds that could act as universal bitter blockers for both the Company’s own pipeline and for collaborative formulation development programs with major pharmaceutical companies,” said Dr. Salemme.

 

Dr. Salemme continued, “Also, the two recent patent issuances we received from the U.S. Patent and Trademark Office are significant in that they serve to solidify our intellectual property position. Together, they provide Redpoint with coverage for various methods of identifying potential modulators of the TRPM5 ion channel, which is a key focus of our research and development programs for compounds which could act as flavor enhancers and bitter blockers.”

 

About Redpoint Bio

 

Redpoint Bio is leveraging recent discoveries in the molecular biology of taste to discover and develop novel taste modulators for the food, beverage and pharmaceutical industries. Redpoint Bio’s food and beverage program is focused on identifying novel compounds that improve the tastes of existing ingredients and enable the development of better-tasting and more healthful foods and beverages. The pharmaceutical program uses a biochemical approach aimed at suppressing the bitterness of medicines, which has the potential to expand the range of formulation options and increase patient compliance. For more information, please visit the Company’s website at www.redpointbio.com.

 

Safe Harbor Statement

In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements provide the Company’s current expectations or forecasts of future events. The Company’s performance and financial results could differ materially from those reflected in these forward-looking statements due to, among other factors, uncertainty inherent in the discovery phase of technological development, any efforts by third parties to invalidate or limit any patents, the marketplace acceptance of its products, the decisions of regulatory authorities, the results of clinical trials and general financial, economic, regulatory and political conditions affecting the food, biotechnology and pharmaceutical industries generally. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. The Company undertakes no obligation to update publicly any forward-looking statement.

 

CONTACT AT:

 

Investor Relations Firms:

Redpoint Bio:

RX Communications Group

Scott Horvitz

Paula Schwartz (investors): (917) 322-2216

Chief Financial Officer

Eric Goldman (media): (917) 322-2563

(609) 637-9700, ext. 207

 

shorvitz@redpointbio.com

Redington Inc.

 

Thomas Redington (investors): (212) 926-1733

 

(financial tables follow)

 

2



 

Selected Financial Information

Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months
Ended March 31,

 

 

 

2007

 

2008

 

 

 

 

 

 

 

Research and grant revenue

 

$

41

 

$

909

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

2,569

 

1,986

 

General and administrative

 

911

 

1,632

 

Total operating expenses

 

3,480

 

3,618

 

Operating loss

 

(3,439

)

(2,709

)

Interest income

 

21

 

232

 

Interest expense

 

(1,629

)

(15

)

Net loss

 

(5,047

)

(2,492

)

 

 

 

 

 

 

Accretion of redeemable convertible preferred stock

 

(225

)

 

 

 

 

 

 

 

Net loss applicable to common stockholders

 

$

(5,272

)

$

(2,492

)

 

 

 

 

 

 

Basic and diluted net loss per common share

 

$

(0.30

)

$

(0.03

)

 

 

 

 

 

 

Weighted average common shares outstanding

 

17,360

 

79,319

 

 

Condensed Balance Sheets

(in thousands)

(unaudited)

 

 

 

December 31,
2007

 

March 31,
2008

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,790

 

$

5,558

 

Marketable securities

 

16,911

 

15,453

 

Other current assets

 

556

 

366

 

Property and equipment, net

 

1,296

 

1,370

 

Other assets

 

270

 

293

 

Total assets

 

$

24,823

 

$

23,040

 

 

 

 

 

 

 

Current liabilities

 

$

2,447

 

$

3,028

 

Long-term liabilities

 

188

 

115

 

Deferred revenue, less current portion

 

650

 

557

 

Stockholders’ equity

 

21,538

 

19,340

 

Total liabilities and stockholders’ equity

 

$

24,823

 

$

23,040

 

 

3


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