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Redpoint Bio Retains Burrill & Co. to Advise on Strategic AlternativesNovember 12, 2008
EWING, N.J.-November 12, 2008 - Redpoint Bio Corporation (OTCBB: RPBC), a company leveraging recent discoveries in the molecular biology of taste to discover and develop novel taste modulators for the food, beverage and pharmaceutical industries, today announced it has retained the life sciences advisory firm of Burrill & Company to advise it on strategic alternatives.
"In this difficult capital markets environment it is crucial to be adaptable in order to maximize shareholder value. We believe that now is the time to act while our balance sheet is strong," said Ray Salemme, CEO of Redpoint Bio. "In addition to driving our core business forward we will be investigating a wide range of strategic alternatives from acquiring synergistic assets to monetizing existing assets."
There can be no assurance that the Company's review of strategic alternatives will result in any specific transaction and no decision has been made to pursue any strategic alternative at this time. The Company does not expect to disclose any further developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a transaction or other strategic alternative.
Redpoint’s advanced, tastant discovery platform incorporates broadly flexible research tools including molecular and cell biology, high throughput assay development and screening technology, and electrophysiology, as well as several novel proprietary components. Redpoint complements its basic tastant discovery platform with capabilities for the pharmacological characterization of its compounds, particularly as these properties relate to metabolism and incretin hormone secretion.
Burrill & Company, a San Francisco-based global leader in life sciences, has expertise and close working relationships with a broad range of companies in the sectors where Redpoint’s technology is most applicable: pharmaceuticals, biotechnology, food & beverage and nutrition.
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
About Burrill & Company
Founded in 1994, Burrill & Company is a San Francisco-based global leader in life sciences with activities in Venture Capital, Private Equity, Merchant Banking and Media. The Burrill family of venture capital funds has over $950 million under management and its merchant banking business is one of the industry leaders in life sciences transactions.
Burrill is also the creator, sponsor and facilitator of over a dozen leading industry conferences worldwide and publishes a range of bio-intelligence reports including the monthly Burrill Biotechnology Report and annual “State of the Industry” report, the 22nd Edition is entitled Biotech 2008: Life Sciences – A 20/20 Vision to 2020. www.burrillandco.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 and beverage, 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.Back to News list