Under terms of the one-year agreement, for a six-month period beginning on the effective date of the agreement, Redpoint has granted Coca-Cola an exclusive right to negotiate to extend and expand the collaboration into a broader, multi-year research, development and commercialization program.
"We are extremely pleased to have established this new research and technology development collaboration with industry leader, The Coca-Cola Company -- Redpoint Bio's second food industry collaboration signed in 2007," said Ray Salemme, Ph.D., chief executive officer of Redpoint Bio. "We believe this agreement is a further endorsement of Redpoint Bio's unique capabilities for the discovery and development of beverage technology. We look forward to working with The Coca-Cola Company team."