Point Therapeutics slashes staff

Boston biopharmaceutical company Point Therapeutics Inc. said today it has reduced its work force from 33 employees to eight as it contemplates a sale or a possible bankruptcy as it looks to conserve cash.

The company's lead product candidate is talabostat, a potential treatment for cancer.

The company said it plans to further reduce its work force and replace departed employees with a consulting team as it "seeks a buyer or partner for its technology and related intellectual property and other assets, in bankruptcy or otherwise," Point Therapeutics said in a statement.

The company also said it plans to move out of its Boston headquarters and relocate to "substantially smaller, temporary suburban space."
(By Chris Reidy, Globe staff)