BOSTON--(BUSINESS WIRE)--Point Therapeutics, Inc. (NASDAQ: POTP) announced today that on February 5, 2007 it received a Nasdaq Staff Deficiency Letter formally notifying the Company that it is not in compliance with the audit committee requirements of Nasdaq’s Marketplace Rule 4350. Since Mr. William J. Whelan’s resignation from the Board, announced on January 24, 2007, the Audit Committee has had only two members, both of whom are independent directors as defined under the Nasdaq rules. Rule 4350 requires a company listed on the Nasdaq Capital Market to have an audit committee with at least three members, all of whom must be independent. As required by the Nasdaq rules, the Company had notified Nasdaq of its noncompliance, and the Company was expecting the letter it received from NASDAQ on February 5, 2007.
