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Redpoint said in an August 13 release that it had approximately $10.0 million in cash, cash equivalents and marketable securities at June 30.
For the three months and six months ended June 30, Redpoint recorded revenue of $0.8 million and $1.9 million, respectively. The revenues were primarily from the Company's collaboration with Givaudan. As previously announced, Givaudan terminated its collaboration with the Company effective May 1. For the three months and six months ended June 30, 2008, Redpoint recorded revenue of $1.0 million and $1.9 million, respectively.
Research and development expenses for the second quarter of 2009 were $1.5 million, compared to $2.2 million for the second quarter of 2008. Research and development expenses for the six months ended June 30, were $3.4 million, compared to $4.2 million in the same period of 2008. The decrease in expenses was primarily attributable to the reductions in staff that the Company announced in February and May of 2009.
Redpoint reported a net loss for the second quarter of 2009 of $2.1 million, or $0.03 per share, compared to $2.6 million, or $0.03 per share, for the second quarter of 2008. The net loss for the six months ended June 30, was $4.6 million, or $0.06 per share, compared to $5.1 million, or $0.06 per share, for the six months ended June 30, 2008.
As a result of these studies, the company initiated development activities for RP44. Redpoint intends to develop RP44 through the GRAS (Generally Recognized as Safe) determination/notification process. The GRAS process involves testing to ensure safety in use and usually requires 12-18 months to complete. RP44 is intended to be used in relatively small quantities in concert with nutritive sweeteners. It acts by amplifying the sweetness intensity thereby reducing the amount of nutritive sweetener required, while retaining the desirable temporal characteristics and "clean sweet taste" associated with sugar.
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