Redpoint Bio first-quarter 2010 net loss reduces to $1.7 million

Redpoint Bio Corporation (OTCBB: RPBC), a company focused on the development of healthier foods and beverages and new approaches to the treatment of diabetes and obesity, today announced financial and operational results for the first quarter ended March 31, 2010.

“We remain focused on our key priorities for 2010 which are to advance our all-natural sweetness enhancer, RP44, towards commercialization, and progressing our TRPm5 modulator program for the treatment of diabetes. We are actively seeking partners for these programs.”

For the quarter ended March 31, 2010, Redpoint did not record any revenue. For the quarter ended March 31, 2009, Redpoint reported revenue of $1.1 million, which included $0.9 million from the Company's prior collaboration with Givaudan.

Research and development expenses for the first quarter of 2010 were $0.8 million, compared to $1.9 million for the first quarter of 2009. The decrease in expenses was primarily attributable to the reductions in staff that the Company announced in February and May 2009.

Redpoint reported a net loss for the first quarter of 2010 of $1.7 million, or $0.02 per share, compared to $2.5 million, or $0.03 per share, for the first quarter of 2009.

Redpoint held cash and cash equivalents of $4.1 million at March 31, 2010. The Company believes that its current capital resources are sufficient to meet its operating and capital requirements through November 2010.

Commenting on recent developments, Ray Salemme, Ph.D., Chief Executive Officer of Redpoint, stated, "We remain focused on our key priorities for 2010 which are to advance our all-natural sweetness enhancer, RP44, towards commercialization, and progressing our TRPm5 modulator program for the treatment of diabetes. We are actively seeking partners for these programs." Nonetheless, there can be no assurance that RP44 can be produced in large scale on an economically viable basis. Additionally, there can be no assurance that the Company will consummate collaborations with commercial partners or that any such collaboration will generate sufficient revenue and cash to sustain operations.