Molecular Insight Pharmaceuticals, Inc. Files Universal Shelf Registration Statement

CAMBRIDGE, MA--(Marketwire - August 28, 2009) - Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) announced today that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission. The shelf registration statement, when declared effective by the Securities and Exchange Commission, will allow Molecular Insight the flexibility to potentially offer and sell from time to time in the future, in one or more public offerings, up to $250 million of common stock, preferred stock, debt securities, warrants, stock purchase contracts or stock purchase units, or any combination thereof. The specifics of any potential future offering, along with the prices, terms, and the use of proceeds of any such securities offered by the Company, will be determined at the time of any applicable offering and will be described in detail in a prospectus supplement at the time of such applicable offering.

Daniel L. Peters, President and Chief Executive Officer of the Company, said, “We consider this filing to be a proactive measure that will increase Molecular Insight’s flexibility and agility in accessing additional capital.”

Molecular Insight’s shelf registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. The securities registered may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the securities covered by the registration statement will only be by means of a written prospectus supplement.

About Molecular Insight Pharmaceuticals, Inc.

Molecular Insight Pharmaceuticals (NASDAQ: MIPI) is a Cambridge, Massachusetts-based biopharmaceutical company focused on the discovery and development of targeted molecular imaging and therapeutic radiopharmaceuticals in the emerging field of molecular medicine. These novel radiopharmaceuticals will provide important improvements in disease detection and staging and enable the delivery of radiation therapy to widespread metastatic cancers. The Company has focused the initial applications of its proprietary technologies in the areas of oncology and cardiology. Molecular Insight’s diagnostic radiopharmaceutical product candidate, Zemiva™, is being developed for the diagnosis of myocardial ischemia, or insufficient blood flow to the heart, in the acute setting. The Company’s diagnostic candidate, Trofex™, is in development initially for the detection of metastatic prostate cancer. Molecular Insight’s molecular radiotherapeutic product candidates, Azedra™, Onalta™, and Solazed™, are also being developed for the treatment of various types of cancer. In addition, the Company’s discovery efforts continue to identify early-stage candidates -- products of its in-house research and development expertise and the application of its proprietary platform technologies. For more information, visit http://www.molecularinsight.com.

Forward-Looking Statements

Statements in this release that are not strictly historical in nature constitute “forward-looking statements.” Such statements include, but are not limited to, statements about our financial performance, our corporate strategy, the development of Zemiva™, Trofex™ , Azedra™, Onalta™, Solazed™ and our other product candidates, our programs in pivotal trials and anticipated regulatory requirements, and our potential securities offerings from time to time. 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; 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/. 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.