Cambridge, MA-based drug developer Molecular Insight Pharmaceuticals (NASDAQ: [[ticker: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.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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