EDA WELCOMES REDPOINT BIO TO ITS NEW LOCATION IN EWING
Trenton, N.J. (June 26, 2007) – The New Jersey Economic Development Authority (EDA) today joined with Redpoint Bio Corporation at a ribbon-cutting ceremony to celebrate the company’s recent move to its new facility in Ewing. The EDA has helped nurture Redpoint, a company developing compounds to improve the taste of pharmaceutical, food and beverage products, since 2003.
“Redpoint Bio represents another success story for the thriving New Jersey biotechnology sector, and serves as a great example of the state’s commitment to assisting businesses throughout their life cycle,” said EDA chief executive officer Caren S. Franzni. “Redpoint epitomizes the innovation and entrepreneurial savvy that makes New Jersey such an attractive location for this critically important sector, and we are very pleased to join the company in celebrating the opening of its new headquarters in Ewing.”
Franzini said the EDA has been assisting technology and life sciences companies for over a decade, and noted that the latest initiative advanced through Governor Jon S. Corzine’s Economic Growth Strategy, the Edison Innovation Fund, works to further encourage the location and growth of these companies in New Jersey. The $150-million fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages, and is managed by the EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology. The fund will leverage $350-million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.
Established in 1995, Redpoint Bio is leveraging recent discoveries in the molecular biology of taste to discover and develop novel taste enhancers and aversive taste blockers for the food, beverage and pharmaceutical industries. Redpoint’s food and beverage program is focused on identifying flavor enhancers that improve the taste of existing ingredients, reduce the need for excess sugar and salt, and contribute to the development of healthier, better-tasting foods and beverages. The pharmaceutical program uses a biochemical approach aimed at suppressing the bitterness of medicines, which has the potential to expand the range of formulation options and increase patient compliance.
The new, 18,577-square-foot, state-of-the-art facility in Ewing will allow Redpoint to expand its operations in New Jersey.
“New Jersey continues to grow as one of the country’s foremost sites for the biotechnology sector,” stated Ray Salemme, Ph.D., chief executive officer of Redpoint Bio. “We are pleased to partner with the EDA in announcing the opening of our new facility, which is ideally suited to meet Redpoint’s needs and will enable us to move ahead with the planned build-out of our research and development operations.”
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund, visit www.edisoninnvationfund.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.