Point Therapeutics Announces New Data Evaluating Its Lead Compound, Talabostat, in Four Distinct Cancers

Point Therapeutics, Inc. (NASDAQ: POTP) announced today
that new data evaluating talabostat's anti-tumor activity in Phase 2
studies in advanced chronic lymphocytic leukemia (CLL), metastatic
melanoma, metastatic colorectal cancer and in a preclinical
osteosarcoma model will be presented in four separate presentations at
the 42nd American Society of Clinical Oncology (ASCO) Annual Meeting
in Atlanta, Georgia. These studies support Point Therapeutics'
clinical program, which includes two Phase 3 trials in metastatic
non-small cell lung cancer and Phase 2 trials in advanced CLL,
metastatic melanoma and metastatic pancreatic cancer.
   "We believe that these presentations underscore talabostat's
potential use in a wide range of cancers," said Don Kiepert, President
and CEO of Point Therapeutics. "We are pleased that Point has two
posters accepted for presentation--one on our Phase 2 study of
talabostat and rituximab in advanced CLL and another on our Phase 2
study of talabostat and cisplatin in Stage IV metastatic melanoma
patients. There will also be investigator presentations of a
pharmacodynamic study of talabostat in metastatic colorectal cancer
patients and a preclinical study of talabostat's anti-metastatic
properties in an osteosarcoma model."
   Talabostat is an oral, targeted therapy, which is currently in
clinical development for potential use in oncology. Talabostat is a
known dipeptidyl peptidase (DPP) inhibitor. DPPs are enzymes that
appear to regulate several different physiological processes including
those involved in tumor growth and host responses to cancer, type 2
diabetes, and immune responses to vaccines. The Company believes that
talabostat employs a novel dual mechanism of action by (1) targeting a
DPP called fibroblast activation protein (FAP) that is uniquely
expressed in the tumor stroma, or connective tissue of the tumor,
while (2) concurrently stimulating the immune system, enabling the
body to promote its natural ability to attack tumors.

   Details of talabostat data that will be presented at ASCO are:

   Saturday, June 3rd: 8:00 a.m. - 12:00 p.m.
   --  Phase II pharmacodynamic study of the fibroblast activation
        protein inhibitor Val-boro-Pro in patients with metastatic
        colorectal cancer (Abstract #3594) - Building B, Level 1, Hall
        B5, Poster #P10 - Fox Chase Cancer Center, lead author: Dr.
        Jonathan Cheng
   --  Phase II study of talabostat and rituximab in
        fludarabine/rituximab-resistant or refractory patients with
        CLL (Abstract # 6598) - Building B, Level 1, Hall B5, Poster
        #EE6 -Indiana Oncology and Hematology Consultants, lead
        author: Dr. Khuda Khan

   Sunday, June 4: 8:15 a.m
   --  Reduction of murine osteosarcoma lung metastases using the
        dipeptidyl peptidase inhibitor, talabostat (Abstract #9009) -
        Building B, Level 2, Room B211 - National Cancer Institute,
        lead author: Dr. Su Young Kim

   Monday, June 5: 1:00 p.m. - 5:00 p.m.
   --  Phase 2 trial of talabostat and cisplatin in patients with
        stage IV melanoma (Abstract #8040) - Building B, Level 1, Hall
        B5, Poster #A11 - Mary Crowley Medical Research Center, lead
        author: Dr. Casey Cunningham

   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
non-small cell lung cancer. 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," "schedules to," "projects,"
"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-K for the quarter ended March
31, 2006 and from time to time in Point's periodic and other reports
filed with the Securities and Exchange Commission.