Point Therapeutics Receives Letter from Nasdaq Citing Non-Compliance with Minimum Bid Price Rules

  
    
  
  
    
      Point Therapeutics, Inc. (NASDAQ: POTP) reported today that the Company 
      received a letter on March 8, 2007 from the Listing Qualifications 
      Department of The Nasdaq Stock Market indicating that the Company failed 
      to comply with the minimum bid price requirement for continued listing 
      on the Nasdaq Capital Market Exchange set forth in Marketplace Rule 
      4310(c)(4) because the Company's common stock had closed below the 
      minimum $1.00 per share requirement for 30 consecutive business days. 
      The Company can regain compliance if, at any time before September 4, 
      2007, the bid price of the Company's common stock closes at $1.00 per 
      share or more for a minimum of 10 consecutive business days. In the 
      event the Company does not regain compliance by September 4, 2007, the 
      Company will have the right to appeal a staff determination to delist 
      the Company's securities, and the Company's securities will remain 
      listed until completion of that appeal process.
    
    
      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 (NSCLC) 
      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, in combination with 
      rituximab in advanced chronic lymphocytic leukemia, and in combination 
      with docetaxel in NSCLC.
    
    
      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 statement due to risks and 
      uncertainties to which the Company is subject, including uncertainty as 
      to whether the Company’s stock price can close 
      at $1.00 per share or more for ten consecutive days; and other factors 
      that are described in Form 8-K filed with the Securities and Exchange 
      Commission on February 8, 2007, and from time to time in Point's other 
      reports filed with the Securities and Exchange Commission.