Molecular Insight Pharmaceuticals Augments Research and Development Capability with Key Hire and Appointment of Two New Board Members

Cambridge, MA, June 29, 2004 – Molecular Insight Pharmaceuticals announced today that Nicholas Borys, M.D. has joined the company as Chief Medical Officer. Dr. Borys’ experience includes extensive work in the development of imaging pharmaceuticals for industry leading companies. The company also reported that Molecular Insight’s shareholders have elected two new members to its board of directors. These new directors, Kim D. Lamon M.D., Ph.D., President and Chief Scientific Officer of Valeant Pharmaceuticals International and Harry Stylli, Ph.D., President and Chief Executive Officer of Xencor, Inc. have outstanding track records in researching, developing and commercializing biopharmaceutical technologies and products.

"We are extremely pleased that Dr. Nick Borys will lead our development team as we increase the number and scope of clinical studies supporting our advancing new product pipeline. Dr. Borys’ proven ability to build and lead teams that develop highly successful imaging pharmaceuticals is an asset of immediate importance for the company," said David S. Barlow, Chairman & CEO of Molecular Insight Pharmaceuticals. "We are also pleased that Drs. Lamon and Stylli have joined our board as active contributors to our research and development efforts. They will add significant value to the development and implementation of our R&D strategies."

As Chief Medical Officer at Molecular Insight, Dr. Borys will oversee the clinical development and NDA submission of BMIPP, the company’s lead molecular imaging candidate. The company anticipates that BMIPP’s recently initiated Phase 2b clinical trial will be followed by the pivotal Phase 3 study in 2005 and NDA submission in 2006. Dr. Borys will also oversee the clinical development programs for Molecular Insight’s pipeline of molecular imaging and targeted radiotherapeutic candidates.

• Dr. Nicholas Borys joined Molecular Insight with 16 years of experience in pharmaceutical development. His background includes strategic planning and management of all phases of clinical development for Food and Drug Administration (FDA) approval. Most recently he held the Chief Medical Officer position at Taiho Pharma where he was responsible for clinical development worldwide. His molecular imaging experience includes senior development positions at Bracco Diagnostics and a six year tenure at Amersham Healthcare, Inc. where he was Director of Medical Affairs and oversaw development of cardiovascular, oncology and neurology products.


• Dr. Kim Lamon, President and Chief Scientific Officer of Valeant Pharmaceuticals with U.S. headquarters in Costa Mesa, California, was previously CEO of Ribopharm, Inc. before it was reacquired by Valeant in 2003. His extensive experience includes serving as Corporate Senior Vice President and Group President of Covance Clinical and Periapproval Services, a division of Covance, Inc., a world leading clinical research organization; Senior Vice President of Science and Technology for Corning Life Sciences, Inc.; and as Senior Vice President and Executive Medical Director for Rhone Poulenc Rorer (now Aventis, Inc.) where he also held other senior management positions at the company.


• Dr. Harry Stylli is President and CEO of Xencor, Inc., a privately held biotechnology company in Monrovia, California focused on applying its proprietary protein design platform to greatly enhance the ability of antibodies to modulate the immune system. Xencor is forward integrating to the clinic with next generation antibodies and receptor selective DN-TNF blockers. His highly distinguished 20 year career in the biopharmaceutical industry includes serving as founding President and CEO of CovX Pharmaceuticals and as co-founder and President of Aurora Biosciences, where he played a pivotal role in its growth and acquisition by Vertex Pharmaceuticals. From 1987 to 1995 Dr. Stylli held varying positions of increasing responsibility in the global discovery organization of GlaxoSmithKline. He also serves on the board of Scitegic, Inc. a privately held bioinformatics company.

Molecular Insight Board of Directors

About Molecular Insight Pharmaceuticals, Inc.
Molecular Insight Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on leveraging its proprietary technology platforms in molecular medicine to develop innovative pharmaceuticals to diagnose and treat disease. These products are designed to improve the management of disease by targeting, visualizing, treating and monitoring disease at the molecular level. The company, based in Cambridge, Massachusetts, has established a strong pipeline of molecular imaging candidates focused on the large and growing markets in cardiology, oncology and neurology. The company is also applying its platform technologies to develop targeted radiotherapeutics for the treatment of cancer.

Contact:
Priscilla Harlan
Vice President, Corporate Communications
Molecular Insight Pharmaceuticals, Inc.
(617) 492-5554