Molecular Insight Pharmaceuticals Announces Changes to Board
November 24 2009 - 4:01PM
Marketwired
Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), a
biopharmaceutical company discovering and developing targeted
therapeutic and imaging radiopharmaceuticals primarily for use in
oncology, today announced that at a recently held meeting, the
Company's Board of Directors determined to reduce its size from 11
to nine members. In conjunction with this decision, Dr. Anthony F.
Martin informed the Board that he would resign as a director and a
member of all of the Board Committees he currently serves,
effective as of December 31, 2009, and Dr. Harry Stylli notified
the Board that he would not stand for re-election at the
forthcoming annual meeting of shareholders in May 2010 and would
resign as a director and a member of all of the Board Committees he
currently serves, effective as of the date of annual meeting. Both
directors cited personal reasons and other professional commitments
for their decisions.
"We appreciate the valuable and long-term contributions of Dr.
Martin and Dr. Stylli to our Board and wish them the best in their
future endeavors," said Joseph M. Limber, Chairman of the
Board.
"We believe that a nine-person Board comprised of highly
qualified and committed individuals will capably guide our Company
forward in a focused and efficient manner, as we advance and
commercialize our development-stage pipeline and technologies,"
commented Daniel L. Peters, President and CEO of Molecular Insight
Pharmaceuticals, Inc.
About Molecular Insight Pharmaceuticals, Inc.
Molecular Insight Pharmaceuticals is a clinical-stage
biopharmaceutical company and pioneer in the emerging field of
molecular medicine. The Company is focused on the discovery and
development of targeted therapeutic and imaging
radiopharmaceuticals, primarily for use in oncology. Molecular
Insight has five clinical-stage candidates in development. For
further information on Molecular Insight Pharmaceuticals, please
visit www.molecularinsight.com.
Forward-Looking Statements
Statements in this release that are not strictly historical in
nature constitute "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 our
corporate strategy and expected function and role of our Board.
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. These factors include, but are not
limited to, risks and uncertainties related to the progress,
timing, cost, and results of clinical trials and product
development programs; difficulties or delays in obtaining
regulatory approval for product candidates; difficulties or delays
in obtaining financing and generating the revenue as anticipated;
competition from other pharmaceutical or biotechnology companies;
and the additional risks discussed in filings with the Securities
and Exchange Commission (SEC). 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 Molecular Insight undertakes no obligation to revise
or update this release to reflect events or circumstances after the
date hereof.
Contact: Investors Chuck Abdalian Chief Financial Officer (617)
871-6618 cabdalian@molecularinsight.com Media Martin A. Reynolds
Manager Corporate Communications (617) 871-6734
mreynolds@molecularinsight.com Susan Pietropaolo BCC Partners (201)
923-2049 spietropaolo@bccpartners.com
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