Molecular Insight Pharmaceuticals, Inc, a biopharmaceutical company discovering and developing targeted therapeutic and imaging radiopharmaceuticals for use in oncology, 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 US$ 200,000 is anticipated to be taken in the first quarter of 2010. After this one-time charge, Molecular Insight expects to achieve approximately US$ 1 million in annualized savings in its operating expenses as a result of the reduction announced.

"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 is progressing through a pivotal phase-2 clinical trial for pheochromocytoma, and a second phase-2 study in paediatric neuroblastoma is anticipated to begin in 2010."

Molecular Insight Pharmaceuticals is a clinical-stage biopharmaceutical company and pioneer in molecular medicine.