July 11, 2007

Exhibit 10.26

                                           July 11, 2007

Redpoint Bio Corporation

0 Xxxxxxxx Xxxxx

Xxxxx, XX 00000

Attn: Dr. F. Xxxxxxx Xxxxxxx, CEO

Gentlemen:

Reference is made to that certain Placement Agency Agreement, dated December 4, 2006 (the “Agreement), by and among Redpoint Bio Corporation (the “Company”), National Securities Corporation (“National”) and Xxxxx Xxxxxx, Carret & Co., LLC (“Xxxxx Xxxxxx”). All terms not defined herein shall have the respective meanings ascribed to such terms in the Agreement.

Section 3(g) of the Agreement grants National and Xxxxx Xxxxxx a 12-month right of first refusal to act as co-lead placement agents on any subsequent private placement of the Company’s securities or co-lead underwriters on any subsequent public offering of the Company’s securities.

Please be advised that for good and valuable consideration, the undersigned hereby waive their rights to any right of first refusal that may arise pursuant to Section 3(g) of the Agreement.

Except as above, all terms and conditions of the Agreement remain in full force and effect.

	NATIONAL SECURITIES CORPORATION
	By:	/s/ Xxxxx Xxxxxxxx
		Xxxxx Xxxxxxxx
		Director Corporate Finance
	XXXXX XXXXXX, CARRET & CO., LLC
	By:	/s/ Xxxx Xxxxxxxx
		Xxxx Xxxxxxxx
		Senior Vice President Investment Banking