News Press Releases
SCOTT HORVITZ OF REDPOINT BIO NAMED CFO OF THE YEAR BY NEW JERSEY TECHNOLOGY COUNCIL
Ewing, NJ – June 20, 2007 – Scott M. Horvitz, Chief Financial Officer of Redpoint Bio Corporation (OTCBB: RBCR) is the recipient of the New Jersey Technology Council (NJTC) CFO of the Year Award.
Each year, the NJTC honors a Chief Financial Officer of a technology firm for outstanding contributions to his/her company performance and accomplishments. Criteria for the award include: confidant to Chief Executive Officer, adept at raising capital, case management, outstanding team builder, key player in merger or acquisition, customer service attitude, integral part of deal negotiation, heightened company’s public image and major project implementation.
Mr. Horvitz was awarded the top CFO of the Year Award by the NJTC on June 15 based on his exceptional contributions to Redpoint Bio. Mr. Horvitz was the architect behind an innovative transaction whereby Redpoint Bio raised $33 million through a private placement while simultaneously merging the company into a public shell. As a result of this “reverse merger” transaction, Redpoint is now a well funded public company with enough money to execute its near-term growth strategy.
Prior to joining Redpoint, Mr. Horvitz was a co-founder of 3-Dimensional Pharmaceuticals, Inc., where he worked from its inception in 1993 until its acquisition by Johnson & Johnson in 2003. During this time, 3DP grew from its 3 original founders to over 240 employees, while successfully completing an IPO in 2000. Mr. Horvitz’s first biotech company was Magainin Pharmaceuticals Inc., now called Genaera Corporation, where he managed its initial public offering in 1991. Scott currently serves on the Board of Directors of Protez Pharmaceuticals, Inc. and is the Chairman of its Audit Committee.
Mr. Horvitz began his career with the firm of Eisner LLP, Certified Public Accountants, where he held the position of Senior Audit Manager, specializing in venture-financed technology start-up companies. Mr. Horvitz holds a Bachelor of Science in Accounting from the University at Albany and is a Certified Public Accountant.
About the New Jersey Technology Council
The New Jersey Technology Council provides business support, networking opportunities, information, advocacy and recognition of technology companies and their leaders. The CFO of the Year Awards Breakfast is one such event recognizing the accomplishments of New Jersey's financial executives. Founded in 1996, NJTC's more than 1,100 member companies work together to support their own enterprises while advancing New Jersey's status as a leading technology center in the United States. For more information, visit NJTC's website at www.njtc.org.
About Redpoint Bio
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 Bio’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. For more information, please visit the Company's website at www.redpointbio.com.
Safe Harbor Statement
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements provide the Company’s current expectations or forecasts of future events. The Company’s performance and financial results could differ materially from those reflected in these forward-looking statements due to among other factors, any efforts by third parties to invalidate or limit any patents, the marketplace acceptance of its products, the decisions of regulatory authorities, the results of clinical trials and general financial, economic, regulatory and political conditions affecting the food, biotechnology and pharmaceutical industries generally. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. The Company undertakes no obligation to update publicly any forward-looking statement.
CONTACT AT:
Redpoint Bio:
Scott Horvitz
Chief Financial Officer
(609) 637-9700, ext. 207
At Rx Communications Group (for Redpoint Bio):
Melody Carey (investors): (917) 322-2571
Paula Schwartz (investors): (917) 322-2216
Tina Posterli (media): (917) 322-2565
Redpoint Bio
