Point Therapeutics Provides Clinical Update During Recent Company Webcast; Additional Clinical Responses Observed in the Phase 2

Point Therapeutics, Inc. (NASDAQ: POTP) announced during
a January 31, 2006 Webcast an additional clinical response in both its
metastatic non-small cell lung cancer (NSCLC) and metastatic melanoma
combination Phase 2 studies.
   In the Phase 2 metastatic NSCLC study combining talabostat with
docetaxel, this additional responder now brings the total number of
observed clinical responses to six, for an overall response rate of
14.3%. Of the six responding patients, two experienced complete
responses. The two complete responses have persisted for at least 8
months. In addition, of the first 40 patients enrolled in the study,
48% have survived for at least 12 months.
   In the Phase 2 metastatic melanoma study combining talabostat with
cisplatin, an additional clinical response was also observed. Five
total responses have been observed thus far in the study, for an
overall response rate of 11.9%.
   "We are very pleased by the clinical activity shown by talabostat
thus far in all of our Phase 2 trials. These results are especially
noteworthy because of the advanced stage of disease of the patients in
our trials," said Dr. Margaret Uprichard, Senior Vice President, Chief
Development Officer of Point.
   In addition to the clinical update, Don Kiepert, President and CEO
of Point gave an update on the commercial strategy for the company.
"Securing a strategic alliance is the company's top business priority
for 2006. As an organization, we are committed to finding the right
partner to help support the clinical program and the marketing and
distribution of talabostat. We are making good progress in this area.
We are currently discussing the talabostat program with several
potential partners and are targeting a collaboration in the second
half of 2006," said Kiepert.
   Based on the clinical efficacy shown in the NSCLC Phase 2 trial,
Point Therapeutics announced that it is enrolling patients in two
randomized, placebo-controlled, double-blind Phase 3 studies. One
Phase 3 study is evaluating talabostat and docetaxel versus placebo
and docetaxel. The other is evaluating talabostat and pemetrexed
versus placebo and pemetrexed. Both studies will enroll 400 patients
each, 200 patients per treatment arm.

   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 a Phase 3 trial in NSCLC.
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," "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 quarterly report on Form 10-Q for the quarter ended
September 30, 2005 and from time to time in Point's periodic and other
reports filed with the Securities and Exchange Commission.