Point Therapeutics Announces Collaboration with the National Cancer Institute; Collaboration Launches the First Clinical Trial t

Point Therapeutics, Inc. (NASDAQ: POTP) announced today
a collaboration with the National Cancer Institute (NCI) to evaluate
Point's oral anti-tumor drug candidate, talabostat, in combination
with chemotherapy in pediatric patients with solid tumors. The primary
objectives of the Phase 1 study are to evaluate the safety and dosing
of talabostat in combination with chemotherapy in the pediatric
population.
   The decision of the NCI and Point Therapeutics to collaborate on
this study was based on positive preclinical data in a sarcoma cell
line. Sarcomas are cancerous tumors of the bone or soft tissues and
comprise approximately 7% of all cancers in children age 20 years or
younger. It is anticipated that many of the patients to enroll in this
study will have sarcomas. Additionally anti-tumor effects have been
observed in previous and ongoing clinical trials of talabostat in
adult patients, particularly, when talabostat was given in combination
with chemotherapy or monoclonal antibodies. Talabostat is currently
being studied in two Phase 3 studies in adult patients who have
advanced non-small cell lung cancer as well as several phase 2 studies
in various tumor types.
   "This collaboration is of great interest to us because it
represents our first study in a pediatric population. In addition,
there is a clear unmet clinical need since these patients have
exhausted other treatment options," said Don Kiepert, President and
Chief Executive Officer of Point Therapeutics. "It also provides us
greater insight in determining the efficacy of talabostat in
additional patient populations and disease states."
   Talabostat inhibits the dipeptidyl peptidase (DPP) family of
serine proteases. One of the DPPs that talabostat inhibits is
fibroblast activation protein (FAP), which is primarily expressed in
the stroma of tumors and sarcoma tumor cells. Point believes that the
inhibition of FAP can help suppress tumor growth.
   No patients have yet been enrolled in the study, but drug has been
shipped to the clinical site. This is the first clinical collaboration
between Point Therapeutics and the NCI.

   About Point Therapeutics, Inc.:

   Point is a Boston-based biopharmaceutical company developing a
portfolio of dipeptidyl peptidase (DPP) inhibitors for use in cancer,
type 2 diabetes and as vaccine adjuvants. Point is currently studying
its lead product candidate, talabostat, in two Phase 3 trials in
NSCLC. Point is also studying talabostat in several Phase 2 trials,
including as a single-agent in metastatic melanoma, in combination
with cisplatin in metastatic melanoma, in combination with rituximab
in advanced chronic lymphocytic leukemia, and in combination with
gemcitabine in metastatic pancreatic cancer. In addition, Point's
portfolio includes two other DPP inhibitors in preclinical
development--PT-630 for type 2 diabetes, and PT-510 as a vaccine
adjuvant.

   Certain statements contained herein are not strictly historical
and are "forward looking" statements as defined in the Private
Securities Litigation Reform Act of 1995. This information includes
statements with respect to the company's clinical development programs
and the timing of initiation and completion of its clinical trials.
Forward-looking statements are statements that are not historical
facts, and can be identified by, among other things, the use of
forward-looking language, such as "believes," "feels," "expects,"
"may," "will," "should," "seeks," "plans," "schedule to,"
"anticipates" or "intends" or the negative of those terms, or other
variations of those terms of comparable language, or by discussions of
strategy or intentions. A number of important factors could cause
actual results to differ materially from those projected or suggested
in the forward looking statement, including the risk factors described
in Point's quarterly report on Form 10-Q for the quarter ended
September 30, 2005 and from time to time in Point's periodic and other
reports filed with the Securities and Exchange Commission.