Contact:      
Sarah Cavanaugh
Director, Corporate Communications
Point Therapeutics, Inc.
617-933-7508


Point Therapeutics Reports Fourth Quarter and Year-End 2006 Financial Results


BOSTON--(BUSINESS WIRE)—March 16, 2007--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.
 
 
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The following information was filed by Midatech Pharma Us Inc. (DARA) on Friday, March 16, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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