Point Therapeutics Update

  
    
  
  
    
      Point Therapeutics, Inc. (NASDAQ: POTP) today provided a further update 
      on corporate developments. To conserve its remaining cash balance, the 
      Company in June and July reduced its work force from 33 employees to 8 
      employees. The Company estimates that the total charge for this work 
      force reduction is approximately $260,000. In the near future, the 
      Company also intends to further reduce its current workforce, which 
      consists primarily of executive, financial and legal personnel, by 
      eliminating most of the employment positions. The Company plans to 
      replace its employees with a more variable cost-effective consulting 
      team to help the company as it seeks a buyer or partner for its 
      technology and related intellectual property and other assets, in 
      bankruptcy or otherwise. In addition, the Company intends to move this 
      month out of its current company headquarters at 155 Federal Street, 
      Boston, MA to substantially smaller, temporary suburban space.
    
    
      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. 
      Recent interim clinical results led the Company’s 
      Independent Monitoring Committee to recommend stopping the Company’s 
      two Phase 3 talabostat studies as a potential treatment for patients in 
      advanced non-small cell lung cancer, and the talabostat clinical 
      development program was subsequently put on clinical hold by the FDA. 
      The Company 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 
      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.