MIPI Molecular Insight Pharmaceuticals (MM)

Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), announced the presentation of nonclinical data demonstrating the utility of the Company's novel radiopharmaceutical compounds for the molecular imaging of prostate and other tumors at the Society of Nuclear Medicine (SNM) annual meeting. Data from four products were presented in five oral sessions and one poster presentation at the meeting, taking place June 5-9, 2010, in Salt Lake City. In addition, Molecular Insight announced the receipt of SNM's 2010 Berson-Yalow Award for a nonclinical study demonstrating the potential of Molecular Insight's compound 99mTc-MIP-1340 to provide accurate imaging of metastatic prostate cancer. The Berson-Yalow Award honors originality and research that makes the most significant contributions to basic or clinical radioassay science.

"We are proud that our peers continue to single out our research as of the highest caliber in our field. This is Molecular Insight's second Berson-Yalow award in four years and validates the way we approach our work and our science," said John W. Babich, Ph.D., Executive Vice President, Chief Scientific Officer, President of Research and Development. "Molecular Insight has established a deep pipeline of novel radio-imaging and radiotherapeutic compounds capable of binding to specific disease-related changes at the cellular level for a given cancer for highly targeted results."

Molecular Insight's Award-Winning Research on Prostate Cancer Imaging 99mTc-MIP-1340 is a small molecule imaging pharmaceutical that binds to prostate specific membrane antigen (PSMA), a protein highly expressed by prostate tumor cells. Current imaging techniques are unable to provide highly specific imaging of metastatic prostate cancer. 99mTc-MIP-1340 is intended to provide a sensitive and specific means of imaging tumor burden throughout the body, in both soft tissue and bone. 99mTc-MIP-1340 was selected from a family of compounds enabled by Molecular Insight's SAAC™ technology and is in nonclinical development for the diagnosis and staging of prostate cancer.

As reported by lead author Shawn Hillier, Principal Scientist at Molecular Insight Pharmaceuticals, in the award-winning abstract, "99mTc-MIP-1340, a small molecule inhibitor of PSMA for molecular imaging of prostate cancer" (Abstract #481), preclinical results confirm that 99mTc-MIP-1340 binds specifically and with high affinity to PSMA and accumulates in human prostate cancer xenografts. The research team from Molecular Insight demonstrated that the incorporation of the novel polar 99mTc-SAAC chelate provides an attractive pharmacokinetic profile for imaging prostate cancer metastases using single proton emission computed tomography (SPECT).

Additional Presentations by Molecular Insight at the SNM Annual Meeting Preclinical data were also presented on Molecular Insight's recent evaluation of a 99mTc-SAAC octreotide analog for targeting neuroendocrine cancer, and a series of 99mTc-labeled carbonic anhydrase inhibitors for assessing tumor hypoxia, as well as on the utility of Trofex™, a 123I-labeled PSMA inhibitor, for monitoring the success of chemotherapy in preclinical prostate cancer models. Trofex is Molecular Insight's lead clinical molecular imaging candidate for the diagnosis and monitoring of metastatic prostate cancer. To access Molecular Insight Pharmaceutical's SNM abstracts, please visit: http://www.molecularinsight.com/MediaRoom/ScientificPresentations.aspx http://www.molecularinsight.com/MediaRoom/ScientificPosters.aspx

• Researchers from Molecular Insight Pharmaceuticals examined the biochemical and pharmacokinetic properties of several new 99mTc-labeled octreotide analogs incorporating novel polar single amino acid chelators (SAAC) for molecular targeting of neuroendocrine tumors. As reported by lead author John Marquis, Senior Scientist at Molecular Insight Pharmaceuticals, in a presentation titled "Evaluation of 99mTc-MIP-1407, an octreotide analog for targeting neuroendocrine tumors" (Abstract # 482), 99mTc-MIP-1407 binds specifically and with high affinity to somatostatin receptor positive tumors. The novel polar SAAC chelator affords a pharmacokinetic profile that makes 99mTc-MIP-1407 attractive for clinical evaluation in patients with neuroendocrine tumors.
• In a scientific poster presentation titled "99mTc-labeled carbonic anhydrase IX (CA IX) inhibitors for molecular imaging of cancer" (Abstract # 1533), the Molecular Insight research team concluded that novel 99mTc-labeled compounds incorporating polar SAAC derived chelators bind to CA IX with high affinity and selectivity, and accumulate in HeLa tumor xenografts. CA IX is upregulated in cancer in response to hypoxia making it an attractive molecular target for radiopharmaceutical development by Molecular Insight. These compounds may be exploited to significantly impact the current paradigm for diagnosis, staging, treatment selection and therapy of solid tumors.
• In an oral presentation titled "Influence of functionalized chelators on affinity and pharmacokinetics of 99mTc(CO)3-labeled small molecules targeting prostate specific membrane antigen (PSMA)" (Abstract # 250), lead author Kevin Maresca, Associate Director of Chemistry at Molecular Insight, reported on the discovery of 99mTc-labeled PSMA-targeting radiopharmaceuticals. The data suggest that ligands containing novel SAAC derived polar substituents exhibited high affinity, substantial prostate cancer uptake, and diminished hepatobiliary accumulation. These novel chelators have led to the identification of 99mTc-labeled radiopharmaceuticals with ideal properties for imaging prostate cancer.
• Paclitaxel is used in the treatment of advanced and recurrent prostate cancer. Since traditional imaging endpoints in oncology trials are not applicable for metastatic prostate cancer, better ways of following response to treatment are needed. In an oral presentation, Molecular Insight reported that 123I-MIP-1072, Trofex™, which targets prostate specific membrane antigen (PSMA), detected growth inhibition of prostate cancer following paclitaxel therapy. As a result, 123I-MIP-1072 may allow monitoring of prostate cancer progression in patients before, during, and after chemotherapy. These nonclinical data were presented by lead author, Dr. Shawn Hillier, in a talk titled "Molecular imaging for monitoring prostate cancer response to paclitaxel" (Abstract # 14).

About Molecular Insight's SAAC Technology Single Amino Acid Chelate, or SAAC, is Molecular Insight's unique metal binding chemistry platform technology. It represents a new family of compounds with superior metal binding properties for leading radionuclides used for molecular imaging and radiotherapy, namely technetium-99m, rhenium-186 and rhenium-188. This technology incorporates a metal binding, or chelating, group that can rapidly and efficiently bind to technetium or rhenium for diagnostic and therapeutic applications, and an amino acid portion that allows it to be incorporated into any peptide sequence through the use of conventional peptide chemistry.

About Molecular Insight Pharmaceuticals, Inc. Molecular Insight Pharmaceuticals is a clinical-stage biopharmaceutical company and pioneer in molecular medicine. The Company is focused on the discovery and development of targeted therapeutic and imaging radiopharmaceuticals for use in oncology. Molecular Insight has five clinical-stage candidates in development. For further information on Molecular Insight Pharmaceuticals, please visit www.molecularinsight.com.

Forward Looking Statements Statements in this release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, statements about the capability of the Company's several novel radiopharmaceutical compounds for the molecular imaging of prostate and other tumors; the potential of Molecular Insight's compound 99mTc-MIP-1340 to provide accurate imaging of metastatic prostate cancer; the potential impact of several compounds on the current paradigm for diagnosis, staging, treatment selection and therapy of solid tumors; and the capability of Trofex™ for monitoring of prostate cancer progression in patients before, during, and after chemotherapy. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of Molecular Insight to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval for product candidates; competition from other pharmaceutical or biotechnology companies; and the additional risks discussed in filings with the Securities and Exchange Commission (SEC). The Company's SEC filings are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at http://www.sec.gov. Press releases for Molecular Insight Pharmaceuticals, Inc. are available on our website: http://www.molecularinsight.com. If you would like to receive press releases via e-mail, please contact: investor@molecularinsight.com. All forward-looking statements are qualified in their entirety by this cautionary statement, and Molecular Insight undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.

Contact: Investors Chuck Abdalian Chief Financial Officer (617) 871-6618 cabdalian@molecularinsight.com Media Martin A. Reynolds Manager Corporate Communications (617) 871-6734 mreynolds@molecularinsight.com Susan Pietropaolo BCC Partners (201) 923-2049 spietropaolo@bccpartners.com