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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of Earliest Event Reported):
June 12, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDPOINT BIO CORPORATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;(Exact name of
registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 33%">&nbsp;Delaware</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 1pt">&nbsp;&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">000-51708</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">22-3393959</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -9pt; padding-left: 5.4pt; text-align: center">&nbsp;(State of Incorporation)</TD>
    <TD STYLE="padding-right: -9pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -9pt; padding-left: 5.4pt; text-align: center">(Commission File No.)</TD>
    <TD STYLE="padding-right: -9pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -9pt; padding-left: 5.4pt; text-align: center">(IRS Employer ID No.)</TD>
    </TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Redpoint Bio Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>5501 Old York Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Philadelphia, Pennsylvania 19141</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Principal
Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(215) 456-2312<BR>
</B>Registrant&rsquo;s Telephone Number, Including Area Code:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;(Former name
or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt; font-weight: bold">Item 1.01.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">Entry into a Material Definitive Agreement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 14, 2012, Redpoint Bio Corporation, a Delaware corporation
(the &ldquo;Company&rdquo;), entered into an Exchange Transaction Agreement (the &ldquo;Exchange Agreement&rdquo;) with Celator
Pharmaceuticals, Inc., a Delaware corporation (&ldquo;Celator&rdquo;). Celator is a privately-held development stage company developing
drug combination products based on its proprietary drug ratio technology platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Exchange
Agreement, holders of shares of Celator&rsquo;s common stock, par value $0.001 per share (&ldquo;Celator Common Stock&rdquo;),
will exchange (the &ldquo;Exchange Transaction&rdquo;) such shares of Celator Common Stock for shares of newly designated Series
A Preferred Stock of the Company (&ldquo;Company Preferred Stock&rdquo;). Upon the completion of the Exchange Transaction, Celator
will become a subsidiary of the Company. The contemplated transaction values the Company at approximately $1.5 million. The existing
stockholders of the Company will own shares representing approximately 2.3% of the voting power attributable to the outstanding
shares of capital stock of the combined company. The percentage ownership of the Company&rsquo;s stockholders in the combined company
is subject to adjustment based on the pre-money valuation of Celator in the proposed financing referenced below and the dilution
attributable to such financing. The Company Preferred Stock will be convertible into shares of the Company&rsquo;s common stock,
par value $0.0001 per share (&ldquo;Company Common Stock&rdquo;), assuming sufficient available authorized shares of Company Common
Stock, which the Company intends to accomplish through the amendment of its Certificate of Incorporation at a meeting of stockholders
to be held after the closing of the Exchange Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consummation of
the Exchange Transaction and the transactions contemplated by the Exchange Agreement are subject to certain closing conditions,
including the consummation of a financing concurrently with the Exchange Transaction. There can be no assurance that the Exchange
Transaction will be consummated as certain closing conditions, including the financing, are not within the control of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of May 31, 2012,
the Company had approximately $23,000 of cash and an aggregate of $514,000 in liabilities. The Company believes that its current
capital resources and the commitment by Celator to fund certain necessary expenses are only sufficient to meet certain of its
operating requirements through mid-August 2012, which raises substantial doubt about the Company&rsquo;s ability to continue as
a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is contemplated
that the Exchange Agreement will be filed as an exhibit to the Company&rsquo;s next quarterly report on Form 10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt; font-weight: bold">Item 5.02.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;Each Member of the Board of Directors of the Company
has agreed, upon completion of the Exchange Transaction, to tender his resignation and appoint six (6) individuals designated by
Celator to the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;On June 12,
2012, the Company entered into a letter agreement (the &ldquo;Letter Agreements&rdquo;) with each of Scott M. Horvitz and F. Raymond
Salemme which memorializes and confirms prior agreements. Pursuant to the terms of the Letter Agreements, the Company wrote down
ninety percent (90%) of the deferred compensation and ninety percent (90%) of the amounts that would otherwise be owed to each
of Mr. Horvitz and Dr. Salemme (the &ldquo;Management Writeoff&rdquo;) from the Company, pursuant to any severance arrangement
included in their respective employment agreements, each as amended. The parties also agreed that any remaining amounts of deferred
compensation and deferred severance payments otherwise owed to each of Mr. Horvitz and Dr. Salemme shall only be paid to them
upon a change of control. Notwithstanding the foregoing, the parties also agreed that in the event the Company files for bankruptcy
before a change of control, each of Mr. Horvitz and Dr. Salemme shall continue to be entitled to their full amount of deferred
compensation, including the Management Writeoff. The consummation of the transactions contemplated by the Exchange Agreement would
constitute a change of control for purposes of the foregoing arrangements with Messrs. Salemme and Horvitz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt; font-weight: bold">Item 9.01.</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">Financial Statements and Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt; font-weight: bold">(d)</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">10.1</TD><TD STYLE="text-align: justify">Employment Side Letter, by and between the Company and
Scott M. Horvitz, dated June &#9;12, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">10.2</TD><TD STYLE="text-align: justify">Employment Side Letter, by and between the Company and
F. Raymond Salemme, dated &#9;June 12, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">REDPOINT BIO CORPORATION</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Dated: June 14, 2012</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 8%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Scott Horvitz</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:<BR>
&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Scott Horvitz<BR>President, Chief Executive Officer, &#9;&#9;Chief Financial Officer, Treasurer, &#9;and Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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{"company-data": {"conformed-name": "Redpoint Bio CORP", "cik": "0001328003", "assigned-sic": "8731", "irs-number": "203215854", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51708", "film-number": "12911309"}, "business-address": {"street1": "7 GRAPHICS DRIVE", "city": "EWING", "state": "NJ", "zip": "08628", "phone": "609 637-9700"}, "mail-address": {"street1": "7 GRAPHICS DRIVE", "city": "EWING", "state": "NJ", "zip": "08628"}, "former-company": {"former-conformed-name": "Robcor Properties Inc", "date-changed": "20050520"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
June 12, 2012
REDPOINT BIO CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
000-51708
22-3393959
(State of Incorporation)
(Commission File No.)
(IRS Employer ID No.)
Redpoint Bio Corporation
5501 Old York Road
Philadelphia, Pennsylvania 19141
(Address of Principal
Executive Offices)
(215) 456-2312
Registrant's Telephone Number, Including Area Code:
(Former name
or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
On June 14, 2012, Redpoint Bio Corporation, a Delaware corporation
(the "Company"), entered into an Exchange Transaction Agreement (the "Exchange Agreement") with Celator
Pharmaceuticals, Inc., a Delaware corporation ("Celator"). Celator is a privately-held development stage company developing
drug combination products based on its proprietary drug ratio technology platform.
Under the Exchange
Agreement, holders of shares of Celator's common stock, par value $0.001 per share ("Celator Common Stock"),
will exchange (the "Exchange Transaction") such shares of Celator Common Stock for shares of newly designated Series
A Preferred Stock of the Company ("Company Preferred Stock"). Upon the completion of the Exchange Transaction, Celator
will become a subsidiary of the Company. The contemplated transaction values the Company at approximately $1.5 million. The existing
stockholders of the Company will own shares representing approximately 2.3% of the voting power attributable to the outstanding
shares of capital stock of the combined company. The percentage ownership of the Company's stockholders in the combined company
is subject to adjustment based on the pre-money valuation of Celator in the proposed financing referenced below and the dilution
attributable to such financing. The Company Preferred Stock will be convertible into shares of the Company's common stock,
par value $0.0001 per share ("Company Common Stock"), assuming sufficient available authorized shares of Company Common
Stock, which the Company intends to accomplish through the amendment of its Certificate of Incorporation at a meeting of stockholders
to be held after the closing of the Exchange Transaction.
The consummation of
the Exchange Transaction and the transactions contemplated by the Exchange Agreement are subject to certain closing conditions,
including the consummation of a financing concurrently with the Exchange Transaction. There can be no assurance that the Exchange
Transaction will be consummated as certain closing conditions, including the financing, are not within the control of the Company.
As of May 31, 2012,
the Company had approximately $23,000 of cash and an aggregate of $514,000 in liabilities. The Company believes that its current
capital resources and the commitment by Celator to fund certain necessary expenses are only sufficient to meet certain of its
operating requirements through mid-August 2012, which raises substantial doubt about the Company's ability to continue as
a going concern.
It is contemplated
that the Exchange Agreement will be filed as an exhibit to the Company's next quarterly report on Form 10-Q.
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a)	Each Member of the Board of Directors of the Company
has agreed, upon completion of the Exchange Transaction, to tender his resignation and appoint six (6) individuals designated by
Celator to the Board of Directors.
(e)	On June 12,
2012, the Company entered into a letter agreement (the "Letter Agreements") with each of Scott M. Horvitz and F. Raymond
Salemme which memorializes and confirms prior agreements. Pursuant to the terms of the Letter Agreements, the Company wrote down
ninety percent (90%) of the deferred compensation and ninety percent (90%) of the amounts that would otherwise be owed to each
of Mr. Horvitz and Dr. Salemme (the "Management Writeoff") from the Company, pursuant to any severance arrangement
included in their respective employment agreements, each as amended. The parties also agreed that any remaining amounts of deferred
compensation and deferred severance payments otherwise owed to each of Mr. Horvitz and Dr. Salemme shall only be paid to them
upon a change of control. Notwithstanding the foregoing, the parties also agreed that in the event the Company files for bankruptcy
before a change of control, each of Mr. Horvitz and Dr. Salemme shall continue to be entitled to their full amount of deferred
compensation, including the Management Writeoff. The consummation of the transactions contemplated by the Exchange Agreement would
constitute a change of control for purposes of the foregoing arrangements with Messrs. Salemme and Horvitz.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
10.1
Employment Side Letter, by and between the Company and
Scott M. Horvitz, dated June 	12, 2012.
10.2
Employment Side Letter, by and between the Company and
F. Raymond Salemme, dated 	June 12, 2012.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
REDPOINT BIO CORPORATION
Dated: June 14, 2012
By:
/s/ Scott Horvitz
Name:
Title:
Scott Horvitz
President, Chief Executive Officer, 		Chief Financial Officer, Treasurer, 	and Secretary