Point Therapeutics Announces Proposed Public Offering of Common Stock Under Shelf Registration Statement

Point Therapeutics, Inc. (NASDAQ: POTP) announced today
that it intends to offer 6,000,000 shares of its common stock in an
underwritten public offering pursuant to its existing shelf
registration statement. All shares will be offered by the company.
Point also intends to grant the underwriters in the offering an option
to purchase up to an additional 900,000 shares of its common stock to
cover over-allotments, if any. Pacific Growth Equities, LLC is the
sole bookrunner with CIBC World Markets Corp. acting as a co-lead
manager in the offering.
   A shelf registration relating to these shares was originally filed
with the Securities and Exchange Commission on December 17, 2004 and
has since been declared effective by the SEC on January 12, 2005. The
offering will be made pursuant to a prospectus supplement to the
prospectus contained in the shelf registration statement, which
prospectus supplement will be filed with the SEC. This press release
shall not constitute an offer to sell or the solicitation of an offer
to buy, nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
   When available, copies of the preliminary prospectus supplement
relating to the offering may be obtained from Pacific Growth Equities,
LLC, c/o Prospectus Department, One Bush Street, Suite 1700, San
Francisco, CA 94104, [phone].

   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 anticipated public offering.
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 Preliminary Prospectus Supplement filed with the Securities
and Exchange Commission on October 21, 2005 and from time to time in
Point's periodic and other reports filed with the Securities and
Exchange Commission.