June 30/Ewing, N.J./PRNewswire-FirstCall -- Redpoint Bio Corporation has entered into a license and commercialization agreement with International Flavors & Fragrances Inc. (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 up to $1.0 in milestone payments based on certain criteria regarding supply and regulatory approval. In addition, Redpoint 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.