Redpoint Bio Corp. (OTCBB: RPBC) engages in the development of ingredients to enhance the taste of pharmaceutical, food and beverage products. Today the company announced financial and operational results for the first quarter ended March 31, 2008, as well as recent highlights.
The company posted revenues of $0.9 million, which includes research and development collaboration with Givaudan, effective March 2007. The performance was also affected by the company’s research and technology development agreement with The Coca-Cola Company, signed December 2007. For the first quarter of 2007, the company reported revenues of $41,000.
“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,” Ray Salemme, Ph.D., CEO of Redpoint stated in the press release.
The company also noted the issuance of two U.S. patents for the use of assay technology used to identify modulators of the TRPM4 ion channel; the company’s discovery that thymol, a component of oral consumer products known for aversive taste, can activate the human transient receptor potential A1 ion channel; and the company’s continued expansion of its research and development operations is support of its Givaudan and Coca-Cola collaborations.
“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,” Salemme stated.
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