Point Therapeutics Reports First Quarter 2007 Financial Results

  
    
  
  
    
      Point Therapeutics, Inc. (NASDAQ: POTP) today reported financial results 
      for the fiscal quarter ended March 31, 2007.
    
    
      Point reported a net loss of $5,279,000, or $0.14 per basic and diluted 
      share, in the first quarter of 2007, compared with a net loss of 
      $7,857,000, or $0.24 per basic and diluted share, in the first quarter 
      of 2006.
    
    
      Research and development expenses decreased to $3,752,000 in the first 
      quarter of 2007 from $6,318,000 in the first quarter of 2006. The 
      majority of the expenses incurred during the first quarter of 2007 
      related to the Company’s two ongoing Phase 3 
      clinical studies in non-small cell lung cancer. Other research and 
      development related expenses decreased in the first quarter of 2007 as 
      compared to the first quarter of 2006 due to limited research efforts, 
      the completion of manufacturing supplies for our Phase 3 clinical 
      studies during 2006, and a reduction in salaries and bonuses from the 
      first quarter of 2006.
    
    
      General and administrative expenses decreased to $1,653,000 in the first 
      quarter of 2007 from $2,018,000 in the first quarter of 2006. The 
      decrease in general and administrative expenses for the quarter resulted 
      primarily from a reduction in bonuses from the first quarter of 2006.
    
    
      There was no revenue in the first quarter of 2007, compared with revenue 
      of $139,000 in the first quarter of 2006. Revenue in the first quarter 
      of 2006 related to the Company’s $600,000 
      Orphan Products Development Grant which funded a portion of the Company’s 
      Phase 2 study combining talabostat with rituximab in advanced chronic 
      lymphocytic leukemia.
    
    
      Interest income was $126,000 in the first quarter of 2007 compared to 
      $341,000 in the first quarter of 2006. The decrease in interest income 
      was due to a lower average cash balance as compared to the prior year.
    
    
      Point’s cash and restricted cash balance as of 
      March 31, 2007 was $9,090,000. In February 2007, Point raised $4,391,000 
      in net proceeds relating to the sale of 6,524,000 shares of common stock 
      in a registered direct offering.
    
    
      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 metastatic non-small cell lung 
      cancer (NSCLC). Point is also currently studying talabostat in a Phase 2 
      trial in combination with gemcitabine in Stage IV pancreatic cancer. In 
      addition, Point has studied talabostat in several Phase 2 trials, 
      including in combination with docetaxel in metastatic NSCLC, as a 
      single-agent in metastatic melanoma, in combination with cisplatin in 
      metastatic melanoma, and in combination with rituximab in advanced 
      chronic lymphocytic leukemia.
    
    
      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-K filed with the Securities and Exchange 
      Commission on March 16, 2007, and from time to time in Point's other 
      reports filed with the Securities and Exchange Commission.
    
    
      
        
          
            POINT THERAPEUTICS, INC.
          
        
      
      
        
          
            (A Development Stage Company)
          
        
      
      
        
          
            CONSOLIDATED STATEMENTS OF OPERATIONS
          
        
      
      
        
          
            (UNAUDITED)
          
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          
             
          
          
            Three months ended
          
          
            March 31,
          
        
        
        
        
          Period from

          
            September 3, 1996
          
          
            (date of inception)
          
          
            through March 31,
          
        
      
      
        
        
        
        
        
          2007 
        
        
        
        
          2006 
        
        
        
        
          2007 
        
      
      
        
          REVENUES
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          License revenue
        
        
        
        
          $
        
        
          - 
        
        
        
        
          $
        
        
          - 
        
        
        
        
          $
        
        
          5,115,041 
        
      
      
        
          Sponsored research revenue
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          138,795 
        
        
        
        
           
        
        
          3,000,000 
        
      
      
        
          Total revenues
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          138,795 
        
        
        
        
           
        
        
          8,115,041 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          OPERATING EXPENSES
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Research and development
        
        
        
        
        
        
          3,752,150 
        
        
        
        
        
        
          6,318,363 
        
        
        
        
        
        
          78,252,490 
        
      
      
        
          General and administrative
        
        
        
        
           
        
        
          1,652,665 
        
        
        
        
           
        
        
          2,018,397 
        
        
        
        
           
        
        
          29,716,427 
        
      
      
        
          Total operating expenses
        
        
        
        
           
        
        
          5,404,815 
        
        
        
        
           
        
        
          8,336,760 
        
        
        
        
           
        
        
          107,968,917 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net loss from operations
        
        
        
        
        
        
          (5,404,815)
        
        
        
        
        
        
          (8,197,965)
        
        
        
        
        
        
          (99,853,876)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Interest income
          
        
        
        
        
        
        
          125,774 
        
        
        
        
        
        
          341,352 
        
        
        
        
        
        
          2,923,911 
        
      
      
        
          Interest expense
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          - 
        
        
        
        
           
        
        
          (82,652)
        
      
      
        
          
            Net loss
          
        
        
        
        
          $
        
        
          (5,279,041)
        
        
        
        
          $
        
        
          (7,856,613)
        
        
        
        
          $
        
        
          (97,012,617)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Basic and diluted net loss per common share
        
        
        
        
          $
        
        
          (0.14)
        
        
        
        
          $
        
        
          (0.24)
        
        
        
        
        
      
      
        
          
            Basis and diluted weighted average common shares outstanding
          
        
        
        
        
           
        
        
          
             
          
          
             
          
          
            36,627,866 
          
        
        
        
        
           
        
        
          
             
          
          
             
          
          
            32,754,959 
          
        
        
        
        
        
      
    
    
      
        
          
            POINT THERAPEUTICS, INC.
          
        
      
      
        
          
            (A Development Stage Company)
          
        
      
      
        
          
            CONDENSED CONSOLIDATED BALANCE SHEETS
          
        
      
      
        
          
            (UNAUDITED)
          
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          March 31,

          
            2007
          
        
        
        
        
          December 31,

          
            2006
          
        
      
      
        
          
            ASSETS
          
        
        
        
        
        
        
        
        
        
      
      
        
          Cash, cash equivalents and restricted cash
        
        
        
        
          $
        
        
          9,089,696 
        
        
        
        
          $
        
        
          10,097,930 
        
      
      
        
          Property and equipment, net
        
        
        
        
        
        
          210,912 
        
        
        
        
        
        
          238,395 
        
      
      
        
          Other assets
        
        
        
        
           
        
        
          1,828,748 
        
        
        
        
           
        
        
          2,231,459 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          11,129,356 
        
        
        
        
          $
        
        
          12,567,784 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          LIABILITIES AND STOCKHOLDERS’ EQUITY
        
        
        
        
        
        
        
        
        
      
      
        
          Current liabilities
        
        
        
        
          $
        
        
          3,835,010 
        
        
        
        
          $
        
        
          4,579,836 
        
      
      
        
          Other liabilities
        
        
        
        
        
        
          36,601 
        
        
        
        
        
        
          36,601 
        
      
      
        
          Total stockholders' equity
        
        
        
        
           
        
        
          7,257,745 
        
        
        
        
           
        
        
          7,951,347 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total liabilities and stockholders' equity
        
        
        
        
          $
        
        
          11,129,356 
        
        
        
        
          $
        
        
          12,567,784