Point Therapeutics, Inc. Proposed Public Offering Update

Point Therapeutics, Inc. (NASDAQ: POTP) announced today
that the company has determined not to price it its previously
announced public offering of 6,000,000 shares of common stock this
week.
   "We are encouraged with the interest shown by the investment
community in Point Therapeutics," said Don Kiepert, President and CEO
of Point. "However, in light of current market conditions, we have
decided not to price the offering this week. We plan to continue to
evaluate market conditions and will proceed when we believe it is in
the best interest of the company."
   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.
   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.