EWING, N.J., March 1, 2011 /PRNewswire/ -- Redpoint Bio Corporation (OTCQB: RPBC), a company focused on the development of healthier foods and beverages and new approaches to the treatment of diabetes and obesity, today announced that its common stock is now listed on the OTCQB electronic quotation and trading system, under the stock symbol RPBC. Stockholders may receive quotations at:
Following the recent sale of the OTCBB, numerous issuers, including Redpoint, are no longer being quoted by the OTCBB. The Company understands that this was a technical issue between the OTCBB and market makers and does not reflect upon the securities affected, including Redpoint Bio Corporation.
The OTCQB and the OTCBB are competing inter-dealer quotation systems. Although the securities of some companies are still quoted on both systems, there has recently been a substantial migration of trading volume from the OTCBB to the OTCQB for technology, cost, and service reasons. The OTCQB is widely viewed as superior to the OTCBB by market makers and issuers because the OTCBB does not support electronic trading and does not offer issuer services to its quoted companies.
Redpoint continues to be in compliance with its SEC reporting requirements.
About Redpoint Bio Corporation
Redpoint's understanding of the biology of taste and its relationship to metabolism, satiety, and diabetes impact both the development of healthier foods and potentially, new approaches for treating diabetes and obesity. Redpoint is developing taste modulators for the food and beverage industry with the aim of enhancing sweet and savory flavors in food and beverage products which can lead to reductions in added sugar and salt. The development of healthier and more tasteful food can contribute to improving the overall health of the world's population, since many modern diseases are related to excess dietary sugar and salt. Recent scientific research suggests that many of the same taste-signaling components found on the tongue are also expressed as part of a nutrient-sensing system located in the gastrointestinal tract which could lead to new opportunities for the discovery of novel diabetes or obesity therapeutics. For more information, please visit the Company's website at www.redpointbio.com.
Safe Harbor Statement
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements provide the Company's current expectations or forecasts of future events. The Company's performance and financial results could differ materially from those reflected in these forward-looking statements due to, among other factors, the uncertain economic viability of production of RP44 on a commercial scale, the Company's inability to enter into additional collaboration agreements or raise additional capital to sustain operations, uncertainty inherent in the discovery phase of technological development, any efforts by third parties to invalidate or limit any patents, the marketplace acceptance of its products, the decisions of regulatory authorities, the results of clinical trials and general financial, economic, regulatory and political conditions affecting the food and beverage, biotechnology and pharmaceutical industries generally. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. The Company undertakes no obligation to update publicly any forward-looking statement.
Scott Horvitz, 609-637-9700, ext. 207
Chief Financial Officer
The Trout Group (for Redpoint Bio):
Lee M. Stern 646-378-2922
Thomas Redington, 212-926-1733
SOURCE Redpoint Bio Corporation