Point Therapeutics Reduces Costs by Cutting Work Force
May 31 2007 - 8:00AM
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. 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.
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