Point Therapeutics (MM) (NASDAQ:POTP)
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Point Therapeutics, Inc. (NASDAQ: POTP) today announced further
reductions in its management staff. As part of this headcount reduction,
effective July 25, 2007, the Company has terminated the employment of
Donald Kiepert, Chairman and Chief Executive Officer; Richard Small,
Senior Vice President and Chief Financial Officer; Michael Duffy, Senior
Vice President and General Counsel; and Barry Jones, PhD., Senior Vice
President and Chief Scientific Officer. These individuals have been paid
in accordance with the Company’s base
severance policy of two weeks of salary plus an additional week of
salary for each full year of service, and these payments do not reflect
any additional amounts that may, under certain circumstances, be paid to
these employees in the future under their existing employment
agreements. The Company estimates that the total aggregate charge for
the base severance payments associated with this work force reduction is
approximately $285,000. The Company plans to utilize some or all of
these recently terminated employees as part of a more variable-cost
consulting team to help the company as it seeks a buyer or partner for
its technology and related intellectual property and other assets, in
bankruptcy or otherwise. In addition, as previously announced, the
Company will be relocating next week to a smaller, temporary suburban
space.
About Point Therapeutics, Inc.:
Point is a Boston-based biopharmaceutical company which has studied its
lead product candidate, talabostat, in two Phase 3 double blind
placebo-controlled trials in metastatic non-small cell lung cancer.
Recent interim clinical results led the Company’s
Independent Data Monitoring Committee to recommend stopping the Company’s
two Phase 3 talabostat studies as a potential treatment for patients in
advanced non-small cell lung cancer, and the talabostat clinical
development program was subsequently put on clinical hold by the FDA.
The Company has also studied 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 Stage IV pancreatic cancer.
Certain statements contained herein are not strictly historical and
are "forward-looking" statements as defined in the Private Securities
Litigation Reform Act of 1995. 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," "projects," "should," "seeks,"
"plans," "schedules 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 statements due to risks
and uncertainties to which the Company is subject, and other factors
that are described in Form 10-Q filed with the Securities and Exchange
Commission on May 10, 2007, and from time to time in Point's other
reports filed with the Securities and Exchange Commission.