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Redpoint has previously reported that as of March 31, 2009 it had $12.1 million in cash, cash equivalents and marketable securities. As a result of the restructuring, Redpoint's current capital resources should be sufficient to meet its operating and capital requirements through September 2010.
Raymond Salemme, CEO of Redpoint Bio, said: "With the recent termination of our collaboration agreement with Givaudan, we have made the decision to reduce our workforce from 25 to 14 employees,
"We plan to leverage our investments in the biology of taste modulation to focus on promising opportunities we have identified for treatments for diabetes and obesity. We remain dedicated to prudently managing our financial resources in addition to exploring strategic options for the company with our advisor Burrill and Company."
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