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Print Edition StoriesMonday, August 31, 2009
Molecular Insight stands to gain from $250M shelf registration
By Mass High Tech staff
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Molecular Insight Pharmaceuticals Inc. has filed with the U.S. Securities and Exchange Commission a shelf registration form that will allow it to sell up to $250 million in any combination of common stock, preferred stock, debt securities, warrants and stock purchase contracts or units. The shelf registration is not yet effective.
Daniel Peters, president and CEO of Molecular Insights (Nasdaq: MIPI), said the funds would help the company gain “flexibility and agility in accessing additional capital.”
The company announced earlier this month that it had entered Phase 2 clinical trials with its neuroendocrine cancer treatment, Azedra, which has been given Orphan Drug with Fast Track status by the U.S. Food and Drug Administration. Azedra is designed to treat adult patients suffering from malignant relapsed/refractory pheochromocytoma, a tumor often found in the adrenal glands.
Founded in 1997 (as Imaging Biopharmaceuticals Inc.), Cambridge-based Molecular Insight specializes in the development of radiotherapeutics and molecular-imaging agents in the fields of oncology and cardiology.
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