Good thing they have been addressing this -they know the huge value in the IFF license and it was just confirmed to still be valid - sweet:
Recent 8K on 5/30 shows they are doing just that with a deal with Jansenn Pharmaceutical's a Johnson and Johnson company!
In furtherance of the strategy of Redpoint Bio Corporation (the “Company”) to preserve the value of the License and Commercialization Agreement entered into with International Flavors and Fragrances, Inc., the Company continues its efforts to reduce its liabilities and sell any of its other assets. On May 23, 2013, the Company entered into a Transfer Agreement and Bill of Sale (the “Transfer Agreement”) with 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) (collectively, the “Acquired Assets”) in consideration of up to Three Hundred Thousand Dollars ($300,000) (the “Total Consideration”). Janssen has paid Seventy-Five Thousand Dollars ($75,000) of the Total Consideration to the Company and the remainder shall be paid upon the achievement of certain milestones.
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