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RPBC > SEC Filings for RPBC > Form 8-K on 5-Dec-2013All Recent SEC Filings

Show all filings for REDPOINT BIO CORP



Other Events

Item 8.01. Other Events.

On December 2, 2013, Redpoint Bio Corporation, a Delaware corporation (the "Company") received Two Hundred Twenty Five Thousand Dollars ($225,000) in satisfaction of certain milestone payment obligations set forth in that certain Transfer Agreement and Bill of Sale (the "Transfer Agreement"), dated May 23, 2013, entered into by and between the Company and Janssen Pharmaceuticals, Inc., a Pennsylvania corporation ("Janssen"). Pursuant to the terms and conditions of the Transfer Agreement, the Company agreed to transfer to Janssen its right, title and interest in all of its assets associated with its research programs concerning transient receptor potential channel type M5 (Trp-M5) in consideration of up to Three Hundred Thousand Dollars ($300,000) (the "Total Consideration"). Janssen paid Seventy-Five Thousand Dollars ($75,000) of the Total Consideration to the Company at the time the Transfer Agreement was entered into and the remainder was to be paid upon the achievement of certain milestones.

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