8-K

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of earliest event reported): June 1, 2006

                            POINT THERAPEUTICS, INC.
               (Exact Name of Registrant as Specified in Charter)

               DELAWARE                                      0-19410
    (State or Other Jurisdiction                    (Commission File Number)
           of Incorporation)

                 155 FEDERAL STREET, BOSTON, MASSACHUSETTS 02110
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (617) 933-2130

                                       N/A
          (Former Name or Former Address, if Changed Since Last Report)



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))




Item 8.01 Other Events

          Point Therapeutics, Inc. ("Point") issued a press release on June 1,
          2006 announcing that the U.S. Food and Drug Administration has granted
          talabostat Fast Track Designation for the treatment of Stage IIIB/IV
          non-small cell lung cancer patients who have failed prior
          platinum-based chemotherapy.

          A copy of the press release dated June 1, 2006 is being filed as
          Exhibit 99.1 to this Current Report on Form 8-K.


Item 9.01 Financial Statements and Exhibits.

          (c)  Exhibits.

          99.1 - Press release issued by Point dated June 1, 2006.




                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       POINT THERAPEUTICS, INC.


June 1, 2006                           By:    /s/ Donald R. Kiepert, Jr.
                                              --------------------------
                                       Name:  Donald R. Kiepert, Jr.
                                       Title: President, Chief Executive Officer




                                  EXHIBIT INDEX

The following exhibit is filed herewith:

Exhibit        Description
- -------        -----------
99.1           Point Therapeutics, Inc. ("Point") issued a press release on June
               1, 2006 announcing that the U.S. Food and Drug Administration has
               granted talabostat Fast Track Designation for the treatment of
               Stage IIIB/IV non-small cell lung cancer patients who have failed
               prior platinum-based chemotherapy.

EX-99.1

                                                                    Exhibit 99.1

       Point Therapeutics Receives Fast Track Designation for Talabostat

     BOSTON--(BUSINESS WIRE)--June 1, 2006--Point Therapeutics, Inc. (NASDAQ:
POTP) today announced that the U.S. Food and Drug Administration (FDA) has
granted talabostat Fast Track Designation for the treatment of Stage IIIB/IV
non-small cell lung cancer (NSCLC) patients who have failed prior platinum-based
chemotherapy.
     "The Fast Track designation is a significant milestone for talabostat and
an important step in moving forward with the development process. The
designation recognizes the serious unmet medical need of patients with
metastatic non-small cell lung cancer who have failed prior platinum-based
chemotherapy and the potential of talabostat to impact this disease," said Dr.
Margaret Uprichard, Senior Vice President and Chief Scientific Office of Point
Therapeutics. "This designation will allow for rolling submission of our
potential New Drug Application (NDA) for talabostat--which means that sections
of the NDA can be submitted and reviewed by the FDA on an ongoing basis prior to
their receipt of the complete NDA."
     Talabostat's novel dual mechanism of action and positive results from the
Phase 2 study combining talabostat with docetaxel (64% second-line patients and
36% third-line patients) were the key components of the application for Fast
Track designation in metastatic NSCLC. In the Phase 2 study, 55 patients were
enrolled--42 of whom met evaluability criteria for response. Six patients
demonstrated a clinical response to treatment as defined by World Health
Organization criteria (a 50% or greater reduction in tumor size) for an overall
response rate of 14.3%. Two of these patients had a complete response, defined
as a complete disappearance of their tumor. In all 55 patients, median
progression-free survival is 4.2 months and one year survival is 38%.
     Under the FDA Modernization Act of 1997, the Fast Track program of the FDA
is designed to facilitate the development and expedite the review of a new drug
that is intended for the treatment of a serious or a life-threatening condition,
and demonstrates the potential of a drug candidate to address unmet medical
needs for such a condition. Under the FDA Guidance, drugs that are granted Fast
Track status typically represent a significant improvement in the safety or
effectiveness over existing therapies.
     Point's Phase 3 NSCLC program was initiated in October 2005 and consists of
two randomized, double blind placebo controlled trials in up to 800 patients at
approximately 100 sites in North America. The first 400-patient trial,
evaluating the combination of talabostat with docetaxel versus placebo and
docetaxel opened to enrollment in October 2005. The second 400-patient trial,
evaluating the combination of talabostat with pemetrexed versus placebo and
pemetrexed opened to enrollment in February 2006. The primary study endpoint is
progression-free survival. Secondary endpoints include overall survival,
objective response rate, duration of response and quality of life. Trial results
for both studies are projected for late 2007.

     About Lung Cancer:

     According to the American Cancer Society, lung cancer is the leading cause
of cancer death among men and women in the United States with nearly 60% of
people diagnosed dying within one year and nearly 75% dying within two years.
Nearly all lung cancers are non-small cell. While treatment options for NSCLC
continue to emerge, mortality rates have not improved in the last 10 years,
leaving a significant need for advancement in current therapies.

     About Point Therapeutics, Inc.:

     Point is a Boston-based biopharmaceutical company developing a portfolio of
dipeptidyl peptidase (DPP) inhibitors for use in cancer, type 2 diabetes and as
vaccine adjuvants. Point is currently studying its lead product candidate,
talabostat, in two Phase 3 trials in non-small cell lung cancer. Point is also
studying 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 gemcitabine in metastatic pancreatic cancer. In addition,
Point's portfolio includes two other DPP inhibitors in preclinical
development--PT-630 for type 2 diabetes and PT-510 as a vaccine adjuvant.

     Certain statements contained herein are not strictly historical and are
"forward looking" statements as defined in the Private Securities Litigation
Reform Act of 1995. This information includes statements with respect to the
company's clinical development programs and the timing of initiation and
completion of its clinical trials. 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," "should," "seeks," "plans," "schedules to," "projects," "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 statement, including the risk
factors described in Point's quarterly report on Form 10-Q for the quarter ended
March 31, 2006 and from time to time in Point's periodic and other reports filed
with the Securities and Exchange Commission.


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