Molecular Insight names interim CEO

By Mass High Tech Staff

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John Babich has been named interim CEO and chairman of the board of directors of Molecular Insight Pharmaceuticals Inc., where he will replace former CEO David S. Barlow. Barlow will continue to serve his term as a member of Molecular’s board of directors.

Babich has served as president and chief scientific officer of the company.

The board cited the need for a leader to develop the market potential of the company’s molecular medicine products, and it has begun the search for a permanent CEO.

In June, Molecular Insight announced that it had begun a Phase 1 clinical trial to test molecular radiopharmaceutical candidates’ ability to detect metastatic prostate cancer.

Cambridge-based Molecular Insight (Nasdaq: MIPI) specializes in the development of radiotherapeutics and molecular-imaging agents in the fields of oncology and cardiology. Founded in 1997 (as Imaging Biopharmaceuticals Inc.), the company reported a 2007 net loss of $60 million on $730,000 net revenue.

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