Point Therapeutics, Inc. (NASDAQ: POTP) today reported financial
results for the fourth quarter and fiscal year ended December 31,
2006. Point reported a net loss of $6,337,000 or $0.19 per share in
the fourth quarter of 2006, compared with a net loss of $5,899,000,
or $0.22 per share, in the fourth quarter of 2005. For fiscal year
2006, Point reported a net loss of $29,365,000 or $0.90 per share
compared with a net loss of $22,674,000 or $0.98 per share for
fiscal year 2005. Revenues decreased to $80,000 in the fourth
quarter of 2006 from $161,000 in the fourth quarter of 2005 and
increased to $439,000 in fiscal year 2006 as compared to $161,000
in fiscal year 2005. Revenue in all periods relates to the
Company�s $600,000 Orphan Products Development Grant which funded a
portion of Point�s current Phase 2 study combining talabostat with
rituximab in advanced chronic lymphocytic leukemia (CLL). Research
and development expenses increased to $5,047,000 in the fourth
quarter of 2006 from $4,996,000 in the fourth quarter of 2005 and
increased to $24,031,000 in fiscal year 2006 from $18,246,000 in
fiscal year 2005. The increase in research and development costs
for both the quarter and fiscal year resulted primarily from higher
clinical and related costs for the Company�s two Phase 3 clinical
trials offset in part by savings in manufacturing and preclinical
testing costs as compared to the prior year. In addition, non-cash
stock-based compensation for employee options in accordance with
SFAS No. 123R contributed to the increase. General and
administrative expenses increased to $1,539,000 in the fourth
quarter of 2006 from $1,282,000 in the fourth quarter of 2005.
General and administrative expenses increased to $6,826,000 in
fiscal year 2006 from $5,195,000 in fiscal year 2005. The increase
in general and administrative expenses for both the quarter and
fiscal year resulted primarily from non-cash stock-based
compensation for employee and director stock options in accordance
with SFAS No. 123R expenses, and increased expenses related to
business development initiatives. Interest income was $169,000 in
the fourth quarter of 2006 compared to $217,000 in the fourth
quarter of 2005. The decrease in interest income was due to a lower
average cash balance as compared to prior year. Interest income was
$1,053,000 in fiscal year 2006 as compared to $606,000 in fiscal
year 2005. The increase in fiscal year 2006 interest income was due
to a higher average cash balance and higher interest rates earned
on investments. Point�s cash and restricted cash balance as of
December 31, 2006 was $10,098,000. In February 2007, Point raised
$4,409,000 in net proceeds relating to the sale of 6,524,000 shares
of common stock in a registered direct offering. Point�s Form 10-K,
which provides a detailed update on the Company�s business
strategy, clinical programs and financials, was filed with the
Securities and Exchange Commission today and can be accessed on the
Company�s Web site at www.pther.com in the Investor Relations
section, under SEC Filings. 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) and in a Phase 2 trial in combination with
gemcitabine in metastatic pancreatic cancer. Point 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 docetaxel in
metastatic NSCLC. 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) Period from Three
months ended December 31, Twelve months ended December 31,
September 3, 1996 (date of inception) through Dec. 31, 2006� 2005�
2006� 2005� 2006� REVENUES License revenue $ -� $ -� $ -� $ -� $
5,115,041� Sponsored research revenue 79,593� 161,205� 438,795�
161,205� 3,000,000� Total revenues 79,593� 161,205� 438,795�
161,205� 8,115,041� � � OPERATING EXPENSES Research and development
5,046,656� 4,995,756� 24,030,682� 18,246,263� 74,500,340� General
and administrative 1,539,035� 1,281,951� 6,825,955� 5,195,031�
28,063,762� Total operating expenses 6,585,691� 6,277,707�
30,856,637� 23,441,294� 102,564,102� � Net loss from operations
(6,506,098) (6,116,502) (30,417,842) (23,280,089) (94,449,061) �
Interest income 169,021� 217,066� 1,052,645� 606,140� 2,798,137�
Interest expense -� -� -� -� (82,652) Net loss $ (6,337,077) $
(5,899,436) $ (29,365,197) $ (22,673,949) $ (91,733,576) � Basic
and diluted net loss per common share $ (0.19) $ (0.22) $ (0.90) $
(0.98) Basic and diluted weighted average common shares outstanding
� � 32,768,950� � � 26,863,309� � � 32,762,925� � � 23,075,434�
POINT THERAPEUTICS, INC. (A Development Stage Company) CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 31, 2006 December
31, 2005 ASSETS Cash, cash equivalents and restricted cash $
10,097,930� $ 37,634,230� Property and equipment, net 238,395�
344,432� Other assets 2,231,459� 2,421,937� � Total assets $
12,567,784� $ 40,400,599� � � � LIABILITIES AND STOCKHOLDERS�
EQUITY Current liabilities $ 4,579,836� $ 5,954,544� Other
liabilities 36,601� 47,087� Total stockholders' equity 7,951,347�
34,398,968� � Total liabilities and stockholders' equity $
12,567,784� $ 40,400,599�
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