Point Therapeutics (MM) (NASDAQ:POTP)
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Point Therapeutics, Inc. (NASDAQ: POTP) today announced that Dr.
Margaret Uprichard, Senior Vice President and Chief Development Officer,
has resigned from the Company.
Effective immediately, David G. Shand, MD, PhD will provide medical,
drug development and regulatory consulting services and expertise to the
Company. Dr. Shand has more than 30 years of clinical and regulatory
experience, managing the development of some 25 products in several
therapeutic areas, resulting in 15 New Drug Applications, of which 10
have been approved. Dr. Shand’s employment
experience includes leadership roles at American Home Products (now
Wyeth) as SVP of Medical Affairs, at the Janssen Research Foundation, a
Johnson & Johnson company as EVP, at The Liposome Company as EVP and
CSO, and at Carrington Labs as EVP. Dr. Shand has also served as a
consultant to numerous companies, most recently as CEO of Alnis
Bioscience. Prior to joining the industry, Dr. Shand had a successful
career as a Professor of Medicine and Pharmacology at Vanderbilt and
Duke. He has published over 200 papers and abstracts and received his
PhD in pharmacology and his medical degree from the University of London.
Point has also retained the services of Waymack Consulting, Inc. which
will play a leadership role in the Company’s
ongoing clinical development strategy. Paul Waymack, M.D., Sc.D. brings
extensive clinical and regulatory experience, including time at the Food
and Drug Administration as a medical reviewer, to the Point Therapeutics’
team.
“I am very pleased to have the opportunity to
further strengthen our clinical development team with the addition of
Dr. Shand and Dr. Waymack,” said Don Kiepert,
President and CEO. “We believe they will be
able to provide valuable insight and leadership into our ongoing
clinical development strategy.”
In addition, Point announced that its financial statements for the
fiscal year ended December 31, 2006, as outlined in the Company’s
Annual Report on 10-K filed on March 16, 2007, contained a going concern
audit opinion. This going concern audit opinion was given because the
Company’s ability to continue as a going
concern is dependent upon its ability to raise capital through
securities offerings, debt financing and partnership agreements to fund
ongoing operations. This announcement is made in compliance with NASDAQ
Marketplace Rule 4350(b)1(B), which requires that a public announcement
be made regarding the receipt of an audit opinion that contains a
concern qualification.
About Point Therapeutics, Inc.:
Point is a Boston-based biopharmaceutical company which is currently
studying its lead product candidate, talabostat, in two Phase 3 double
blind placebo-controlled trials in non-small cell lung cancer and in a
Phase 2 trial in combination with gemcitabine in metastatic pancreatic
cancer. Point has also studied talabostat in several Phase 2 trials,
including as a single-agent in metastatic melanoma, in combination with
cisplatin in metastatic melanoma and in combination with rituximab in
advanced chronic lymphocytic leukemia.
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-K filed with the Securities and Exchange
Commission on March 16, 2007, and from time to time in Point's other
reports filed with the Securities and Exchange Commission.