Molecular Insight Pharma Director Barlow Resigns Over Rift with Board

1/6/09

The former CEO and chairman of Molecular Insight Pharmaceuticals (NASDAQ:MIPI), David Barlow, resigned from the firm’s board of directors last week over differences with fellow directors, according to a press release from the Cambridge, MA-based company.

The exact nature of those differences is unclear, but Barlow alluded to “significant and sustained disagreements…regarding business philosophy, strategy and practice” in a resignation e-mail he sent to fellow directors last week. He also urged: “Given the Company’s strong product pipeline, technology base and cash position, as compared to biopharmaceutical industry standards, and the recently announced positive clinical results for Zemiva, the Board should reconsider its approach to enhancing shareholder value.”

A call this morning to Deborah Lorenz, Molecular’s head of investor relations, was not immediately returned.

Barlow was chairman and CEO of Molecular until September 2008, when the company’s board announced its decision to replace him with John Babich, who is now serving as chairman and interim CEO while the firm searches for a permanent chief executive. I spoke to interim CEO Babich last month about the mid-stage clinical success of Zemiva, Molecular’s experimental imaging agent for diagnosing cardiac ischemia.

Update: Deborah Lorenz returned a call at 11:45 am this morning, after this story was initially published. She declined to comment on Barlow’s resignation.

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