- Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Taconic Capital Advisors LP

2. Date of Event Requiring Statement (MM/DD/YYYY) 6/27/2010

3. Issuer Name and Ticker or Trading Symbol

Molecular Insight Pharmaceuticals, Inc. [MIPI]

(Last) (First) (Middle)

450 PARK AVENUE, 9TH FLOOR

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director _____ 10% Owner
_____ Officer (give title below) ___ X ___ Other (specify below)
/ Reference Footnote 1

(Street)

NEW YORK, NY 10022

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.01 per share	0 ⁽¹⁾	I	See Footnote ⁽¹⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrant for Common Stock	11/16/2007	11/16/2012	Common Stock, par value $0.01 per share	762691	$5.87	I	See Footnotes ⁽²⁾ ⁽³⁾ ⁽⁴⁾

Explanation of Responses:
( 1)	Not Applicable as Reporting Persons do not beneficially own any non-derivative securities of the Issuer. See Footnotes 2, 3 and 4.
( 2)	The Reporting Persons may be deemed to be a member of a "group" with certain other holders of equity securities and/or derivative securities of the Issuer for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. If such a group were determined to exist, the members hold in the aggregate more than ten percent (10%) of the Issuer's equity securities. Each of the Reporting Persons disclaims the existence of such a group and disclaims beneficial ownership of any of the securities and/or derivative securities of the Issuer to which this Form 3 relates for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, except to the extent of such Reporting Person's pecuniary interest in the securities.
( 3)	This Form 3 relates to the securities held for the account of the Taconic Opportunity Fund L.P. ("Taconic Opportunity Fund"). Taconic Capital Advisors L.P. ("Taconic Advisors") and Taconic Capital Advisors UK LLP ("Taconic Advisors UK") serve as the investment managers to the Taconic Opportunity Fund. Taconic Capital Performance Partners LLC ("Taconic Partners") serves as the general partner to Taconic Advisors. Taconic Associates LLC ("Taconic Associates") serves as the general partner to the Taconic Opportunity Fund.
( 4)	Mr. Brody is a principal of Taconic Advisors, a director of Taconic Capital Services UK Ltd., the managing member of Taconic Advisors UK, and a manager of Taconic Partners and Taconic Associates. Mr. Brosens is a principal of Taconic Advisors, a director of Taconic Capital Services UK Ltd., the manager member of Taconic Advisors UK, and a manager of Taconic Partners and Taconic Associates. As such, Taconic Advisors, Taconic Advisors UK, Taconic Associates, Mr. Brody, and Mr. Brosens may be deemed to have voting and dispositive power over the securities held for the account of the Taconic Opportunity Fund.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Taconic Capital Advisors LP 450 PARK AVENUE 9TH FLOOR NEW YORK, NY 10022				Reference Footnote 1
Taconic Associates LLC 450 PARK AVENUE, 9TH FLOOR NEW YORK, NY 10022				Reference Footnote 1
Taconic Capital Advisors UK LLP 450 PARK AVENUE 9TH FLOOR NEW YORK, NY 10022				Reference Footnote 1
BRODY KENNETH D 450 PARK AVENUE 9TH FLOOR NEW YORK, NY 10022				Reference Footnote 1
BROSENS FRANK 450 PARK AVENUE 9TH FLOOR NEW YORK, NY 10022				Reference footnote 1

Signatures
TACONIC CAPITAL ADVISORS L.P. By: /s/ Kenneth D. Brody		7/1/2010
^** Signature of Reporting Person		Date
TACONIC CAPITAL ADVISORS UK LLP By: /s/ Kenneth D. Brody		7/1/2010
^** Signature of Reporting Person		Date
TACONIC ASSOCIATES LLC By: /s/ Kenneth D. Brody		7/1/2010
^** Signature of Reporting Person		Date
KENNETH D. BRODY By: /s/ Kenneth D. Brody		7/1/2010
^** Signature of Reporting Person		Date
FRANK P. BROSENS By: /s/ Frank P. Brosens		7/1/2010
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.