July 7, 2010 (FinancialWire) — Redpoint Bio Corporation (OTCBB: RPBC), a company focused on the development of foods and beverages and new approaches to the treatment of diabetes and obesity, said it has entered into a license and commercialization agreement with International Flavors & Fragrances Inc. (NYSE: IFF), covering the commercialization of RP44, Redpoint's all-natural sweetness enhancer.

Under terms of the agreement, IFF will have exclusive rights, for five years, to develop, manufacture and commercialize RP44 in virtually all food and beverage product categories.

In return, Redpoint will receive an upfront payment of $0.5 million and will be eligible to receive additional milestone payments based on certain criteria regarding supply and regulatory approval.

In addition, Redpoint said it will receive royalties based on the amount of RP44 purchased by IFF for use in products. IFF will assume responsibility for the regulatory process and for costs associated with prosecuting and maintaining Redpoint's intellectual property covering the sweetness enhancer.

RP44 is derived from the stevia plant. According to Redpoint, it amplifies the existing sugary sweetness in a food or beverage so that less sweetener is required, while retaining the "clean sweet taste" that is associated with sugar.

New Jersey-based  Redpoint is developing taste modulators for the food and beverage industry with the aim of enhancing sweet and flavors in food and beverage products, which can lead to reductions in added sugar and salt.

New York-based International Flavors & Fragrances is a creator of flavors and fragrances used in a range of consumer products and packaged goods.

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