News Press Releases

LINGUAGEN CORP. EXPANDS SERIES A FINANCING TO $12.2 MILLION

WITH $2 MILLION ADDITIONAL FUNDING FROM S.R. ONE

Cranbury, N.J., December 29, 2003 - Linguagen Corp. (www.linguagen.com), a leader in the development of ingredients used to improve the taste of food, beverages, and pharmaceutical products, today announced a commitment of $2 million in new equity financing from S.R. One, Ltd., a wholly-owned venture capital subsidiary of GlaxoSmithKline. This additional funding brings Linguagen's Series A committed funding to $12.2 million, including investments from NJTC Venture Fund SBIC, L.P, Cargill Ventures, Danisco Venture A/S (Danisco A/S), DuPont Ventures, Aperture Venture Partners LLC, and RK Ventures Group, LLC.

"The additional funding from S.R. One, Limited rounds out our Series A financing, which includes investments from leading food ingredient and pharmaceutical companies," said Shawn M. Marcell, Linguagen's COO and acting CEO. "The participation of S.R. One, Limited brings additional funding which will be used to expand Linguagen's taste receptor research, and develop additional insight into trends and needs of the pharmaceutical industry."

Linguagen uses innovative, proprietary biotechnology to discover natural ingredients that improve the flavor of pharmaceuticals and the flavors and health values of foods and beverages. Traditionally bitterness is masked by adding large quantities of sugar, salt, flavorings, or coating agents. Linguagen has developed technology to identify compounds that selectively eliminate the perception of bitterness so that products require less sugar, salt, or flavorings, resulting in products that taste better and are healthier. The Company's first product, AMP, has recently completed GRAS (Generally Recognized as Safe) regulatory approval process in the U.S. for use in coffee and tea beverages, artificial sweeteners, chewing gum, salty snack foods, salt substitutes, and soup products and is currently being evaluated by a number of companies for use in their products. Linguagen's science is also being applied to discover superior natural sugar and salt substitutes and to enhance the sweetness of natural sugar.

About Redpoint Bio, formerly Linguagen
Redpoint Bio Corporation (www.redpointbio.com) is a privately held company located in Cranbury, N.J., and holds a variety of patents in the field of taste. The company researches, discovers, develops, and commercializes breakthrough products that improve the palatability of oral medicines and enhance the flavor and nutritional value of foods and beverages, including solutions to the problems of bitterness, excess sugar, and excess salt.

About S.R. One Ltd.
S.R. One, Limited (www.srone.com) is a $100-million evergreen venture capital fund established in 1985. It is a wholly-owned subsidiary of GlaxoSmithKline, one of the world's leading health care companies. Its primary mission is to achieve financial return while at the same time investing in companies of potential collaborative interest to GlaxoSmithKline. S.R. One, Limited invests at all stages of development, in companies that are engaged in research, development, and marketing of human pharmaceuticals and biologics. Since its inception, it has invested $380 million to support the growth of more than 110 companies and 25 venture capital partnerships with complementary investment interests.

 

Redpoint Bio