Molecular Insight Pharmaceuticals Announces Personnel Reduction to Align Operations With Development Activities
January 07 2010 - 4:01PM
Marketwired
Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), a
biopharmaceutical company discovering and developing targeted
therapeutic and imaging radiopharmaceuticals for use in oncology,
today announced a strategic decision, which includes the
elimination of nine positions in alignment with its plan to support
the development of its oncology product candidates and to reduce
operating costs. Molecular Insight, which now has 61 employees, has
five clinical-stage products, two of which are expected to begin
Phase 3 confirmatory trials in 2010.
A one-time charge of approximately $200,000 is anticipated to be
taken in the first quarter of 2010. After this one-time charge,
Molecular Insight expects to achieve approximately $1 million in
annualized savings in its operating expenses as a result of the
reduction announced today.
"The decision to re-align and rebalance personnel was a
difficult but an important step in supporting the efficient
development of our oncology product pipeline," said Daniel L.
Peters, President and Chief Executive Officer. "We are deeply
grateful to our employees for all of their contributions and
dedication in bringing our five product development programs to
where they are today. Looking to the near future, our lead
therapeutic Azedra(TM) is progressing through a pivotal Phase 2
clinical trial for pheochromocytoma, and a second Phase 2 study in
pediatric neuroblastoma is anticipated to begin in 2010."
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.
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 press release that are not strictly
historical in nature constitute "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about our strategic
plan, expected costs and benefits associated with and the financial
and operational impact of the work force reduction, the expected
savings from such work force reduction, projected product
development, and anticipated clinical trials of Azedra(TM) and
other clinical-stage products. In some cases, forward- looking
statements are identified by words such as "anticipate," "expect,"
"will," "plan" and similar expressions. Such forward-looking
statements reflect Molecular Insight's current plans, beliefs,
estimates and views and 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 inability to achieve
anticipated savings and to manage expenses; implementation of our
strategic plan; the progress, timing, cost, and results of clinical
trials and product development programs; difficulties or delays in
obtaining regulatory approval for product candidates; 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 www.sec.gov. Press releases for Molecular Insight
Pharmaceuticals, Inc. are available on our website:
www.molecularinsight.com. If you would like to receive press
releases via e-mail, please contact: investor@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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