SOURCE: Molecular Insight Pharmaceuticals, Inc.

Molecular Insight Pharmaceuticals, Inc.

May 13, 2011 12:53 ET

Molecular Insight Announces Deregistration of Common Stock

CAMBRIDGE, MA--(Marketwire - May 13, 2011) - Molecular Insight Pharmaceuticals, Inc. (OTCQB: MIPIQ) (PINKSHEETS: MIPIQ), today announced that it has filed Form 15 with the Securities Exchange Commission (the "SEC") to deregister its common stock and common stock purchase rights, which are attached to and traded with shares of the common stock, under the Securities Exchange Act of 1934, as amended, and to suspend its reporting obligations thereunder.

As previously announced, Molecular Insight filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The Company's first amended plan of reorganization was approved by the Bankruptcy Court, under which the Company is required to cease all reporting obligations and become a private company and all of the Company's currently outstanding shares will be cancelled. Following deregistration, the Company intends to communicate with the public through its website.

About Molecular Insight Pharmaceuticals, Inc.
Molecular Insight Pharmaceuticals is a clinical-stage biopharmaceutical company and pioneer in molecular medicine. The Company is focused on the discovery and development of targeted therapeutic and imaging radiopharmaceuticals for use in oncology. For further information, please visit the Company's website: www.molecularinsight.com.

Forward-Looking Statements
Statements in this release that are not strictly historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the intended future communication method; the impact of the deregistration and the Chapter 11 proceedings on our business, financial condition or results of operations; our ability to consummate our plan of reorganization and the transactions contemplated by such plan; and those factors identified in our filings with the SEC. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of Molecular Insight to be materially different from historical results or from any results expressed or implied by such forward-looking statements. The risks and uncertainties and the terms of any reorganization plan ultimately confirmed can affect the value of our various pre-petition liabilities, common stock and/or other securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. A plan of reorganization could result in holders of our liabilities and/or securities receiving no value for their interests. Because of such possibilities, the value of these liabilities and/or securities is highly speculative. Accordingly, we urge that caution be exercised with respect to existing and future investments in any of these liabilities and/or securities. Investors and other interested parties can obtain information about our court filings and claims information on www.omnimgt.com/molecular. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The Company's SEC filings are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at http://www.sec.gov. Press releases for Molecular Insight Pharmaceuticals, Inc. are available on our website: http://www.molecularinsight.com. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.

Contact Information