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RPBC > SEC Filings for RPBC > Form 8-K on 2-Jul-2013All Recent SEC Filings

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Form 8-K for REDPOINT BIO CORP


2-Jul-2013

Other Events


Item 8.01. Other Events.

In June 2010, Redpoint Bio Corporation (the "Company") entered into a License and Commercialization Agreement (the "License Agreement") with International Flavors & Fragrances Inc. ("IFF") for the development, manufacture, use and commercialization of Reb-C (rebaudioside C), a component of the stevia plant. IFF has exclusive rights, for five years from the date of the License Agreement, to develop, manufacture and commercialize Reb-C in virtually all food and beverage product categories.

On June 14, 2013, the Company received one hundred thousand dollars ($100,000) from IFF in satisfaction of its minimum royalty obligation for the first twelve
(12) month period commencing on the First Purchase of Reb-C (as defined in the License Agreement). The Company continues to remain eligible to receive royalties based on the amount of Reb-C purchased by IFF for use in products. IFF will continue to be responsible for the regulatory process and for costs associated with prosecuting and maintaining its intellectual property covering the sweetness enhancer.

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