Molecular Insight files for $57.5 million IPO

New York, Nov. 8 - Molecular Insight Pharmaceuticals, Inc. registered to sell up to $57.5 million of common stock in an initial public offering, according to an S-1 registration statement filed with the Securities and Exchange Commission.

Piper Jaffray and SG Cowen & Co. will be bookrunners for the sale with Oppenheimer & Co. and Roth Capital Partners, LLC also in the syndicate.

The Cambridge, Mass., biopharmaceutical company is proposing for its stock to be traded on the Nasdaq National Market under the symbol "MIPI."

Molecular Insight concentrates on developing molecular imaging pharmaceuticals and targeted radiotherapeutics.

Its product candidates target markets with "significant unmet needs" in cardiology, oncology and neurology, according to the registration statement.

The lead product candidate, Zemiva (iodofiltic acid I 123), is a radiolabeled fatty acid analog that the company is developing as a molecular imaging pharmaceutical for the diagnosis of insufficient blood flow to the heart, or cardiac ischemia.

Molecular Imaging said it believes Zemiva "enables improved diagnosis and management of disease in a more cost-effective and expeditious manner and has significant advantages over the current standard of care in both the emergency department and non-acute settings."

A phase 2b clinical trial was recently completed for Zemiva to test its safety and efficacy. Initial findings suggest that Zemiva has the ability to detect areas of cardiac ischemia with results generally consistent with the current standard of care, Molecular Imaging said. Zemiva appeared to have significant predictive value in ruling out cases in which cardiac ischemia was not present.

The company plans to start a phase 3 clinical trial in the first half of 2006.

For the six months to June 30, Molecular Imaging had a net loss of $8.19 million on research and development grant revenues of $427,000.

Proceeds from the IPO will be used to continue the development of Zemiva and prepare for its commercialization. Molecular Imaging also plans to initiate and expand the clinical development of Ultratrace MIBG, its lead targeted radiotherapeutic candidate for cancer.

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