Molecular Insight Pharmaceuticals director doesn't believe new CEO is qualified

By Lisa Kerner

Charlotte, N.C., Feb. 10 - Molecular Insight Pharmaceuticals, Inc. shareholder and director David S. Barlow said that the company's recent appointment of John Babich as chief executive officer and president demonstrates its board's "inability, planned or unplanned, to recruit an experienced CEO with a proven track record of building significant and sustainable value for patients and shareholders."

Barlow made his comments in a Feb. 10 letter to Anthony F. Martin, Ph.D., chairman of Molecular Insight's board. The letter was included in a schedule 13D/A filed with the Securities and Exchange Commission.

According to Barlow, Babich has only worked in one company and never directly managed, among other things:

• The development of a biopharmaceutical product beyond phase II;

• The launch or commercialization of a biopharmaceutical product;

• The completion of a corporate partnership;

• A successful corporate financing; or

• The implementation of an effective external communications program.

Barlow wants to continue to discuss Molecular Insight's operation and future plans with the company's management and board. The investor may also suggest ways the Cambridge, Mass., biopharmaceutical company could improve shareholder value, including the exploration of strategic alternatives, the filing said.

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