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RPBC > SEC Filings for RPBC > Form 8-K on 14-Jan-2014All Recent SEC Filings

Show all filings for REDPOINT BIO CORP

Form 8-K for REDPOINT BIO CORP


14-Jan-2014

Other Events


Item 8.01. Other Events.

On January 10, 2014, Redpoint Bio Corporation, a Delaware corporation (the "Company"), entered into an agreement (the "Agreement") with Dr. F. Raymond Salemme, the Company's former President and Chief Executive Officer ("Salemme"), relating to certain compensation amounts that the parties previously agreed would be deferred and paid only upon certain events in accordance with the Letter Agreement, dated June 12, 2012. Pursuant to the Agreement, on or around January 15, 2014, the Company will pay Salemme a total of $46,284, in satisfaction of any and all amounts otherwise payable to Dr. Salemme if certain events occur under the Letter Agreement.

During December 2013, the Company settled an aggregate of $312,000 in accounts payable for an aggregate amount of $156,000 with certain of its creditors. As of January 14, 2014 the Company had approximately $68,000 of cash and $196,000 in liabilities. In addition, the Company has not filed any financial statements since June 30, 2012 and will incur additional expenses for audit and legal fees associated with the filing of any subsequent financial statements.

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