Redpoint Bio Corp. in Ewing said today it has signed an agreement with Coca-Cola Co. to use its taste enhancing and flavor identification technology in existing and future non-alcoholic beverages manufactured by the world's largest beverage company.

Under the agreement, Coca-Cola will pay Redpoint $900,000 a year, with $450,000 to be paid upfront. Coca-Cola will also pay Redpoint $200,000 upon reaching a development "milestone," which Redpoint did not disclose.

Coca-Cola will also reimburse Redpoint for certain clinical research costs.

The research agreement is for one year, but the companies can mutually agree to extend and expand the collaboration for multiple years.

Redpoint Bio develops compounds and ingredients to improve the taste of pharmaceuticals, food and beverage products.

The company is using discoveries in molecular biology to identify flavors that improve tastes of existing ingredients, with the goal of developing better-tasting foods and beverages. Redpoint also uses biochemistry to suppress the bitterness of medicines, for potential use by the pharmaceutical industry.

Contact staff writer Linda Loyd at 215-854-2831 or lloyd@phillynews.com.