Point Therapeutics Reduces Costs by Cutting Work Force

  
    
  
  
    
      Point Therapeutics, Inc. (NASDAQ: POTP) today announced that to save 
      costs it has reduced its workforce by approximately 60 percent. The 
      Company estimates that the total charges for the workforce reduction 
      will be approximately $130,000. This action follows the recent interim 
      clinical results in which the Company’s 
      Independent Monitoring Committee recommended stopping the Company’s 
      two Phase 3 talabostat studies as a potential treatment for patients in 
      advanced non-small cell lung cancer. As a result of the Company 
      informing the U.S. Food and Drug Administration (FDA) of the interim 
      results, the FDA has put the talabostat clinical program on hold.
    
    
      The Company continues to assess its options given this recent data and 
      will report on next steps once they have been decided.
    
    
      About Point Therapeutics, Inc.:
    
    
      Point is a Boston-based biopharmaceutical company which has studied its 
      lead product candidate, talabostat, in two Phase 3 double blind 
      placebo-controlled trials in metastatic non-small cell lung cancer and 
      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 Stage IV pancreatic cancer.
    
    
      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 statements due to risks 
      and uncertainties to which the Company is subject, and other factors 
      that are described in Form 10-Q filed with the Securities and Exchange 
      Commission on May 10, 2007, and from time to time in Point's other 
      reports filed with the Securities and Exchange Commission.