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POTP Lays Off 60% of Workforce

http://biz.yahoo.com/bw/070531/20070531005451.html?.v=1

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Point Therapeutics Reduces Costs by Cutting Work Force

Thursday May 31, 8:00 am ET

BOSTON--(BUSINESS WIRE)--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.
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