CRANBURY, N.J.--(BUSINESS WIRE)--Robcor Properties, Inc. (OTCBB:RBCR), a Florida corporation, has acquired Redpoint Bio Corporation, a privately-held Delaware corporation through a reverse merger transaction. Pursuant to the Merger Agreement, Redpoint Bio has become a wholly-owned operating subsidiary of Robcor and shall constitute Robcor’s sole business. Redpoint Bio, led by its Chief Executive Officer, Dr. Raymond Salemme, is a development stage biotechnology company using advanced technology to discover and develop novel taste enhancers for the food, beverage and pharmaceutical industries. Redpoint Bio’s existing security holders were issued an aggregate of approximately 35.1 million shares of Robcor common stock in connection with the merger.
