Point reduces workforce by 60%

Point Therapeutics Inc. said it has reduced its workforce by about 60% in order to reduce costs.

The Boston biopharmaceutical company said the total charges for the cut will be about $130,000.

Point said the action follows the recent interim clinical results in which its Independent Monitoring Committee recommended stopping its two Phase III studies of talabostat as a potential treatment for patients in advanced non-small cell lung cancer. The Food and Drug Administration put the talabostat clinical program on hold after the company informed it of the results of the study. (AP)