Molecular Insight Announces Ch. 11, Restructuring

12/10/10Follow @xconomy

Cambridge, MA-based drug developer Molecular Insight Pharmaceuticals (NASDAQ: MIPI) announced today that it has filed for chapter 11 bankruptcy protection, and will reorganize with a $45 million financing commitment from private investment firm Savitr Capital. The investment comes as common stock at $0.45 per share, and is subject to Molecular Insight emerging from the corporate restructuring by March 31, 2011. As part of the bankruptcy filing, chief executive Daniel Peters and Charles Abdalian, senior vice president and chief financial officer, have resigned from Molecular Insight. The biotech company has five clinical-stage drug candidates in development, and is focused on the field of oncology.

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  • ray

    seem like there is no future in this compony any more i tell you guys sell your stock before losing all this compony is in its end of road.