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Molecular Insight Pharmaceuticals, Inc. Completes Strategic Purchase of Radiopharmaceutical Manufacturing Facility

Cambridge, MA, October 3, 2007 – Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) announced today that it has completed the purchase of a commercial-scale radiopharmaceutical manufacturing facility located in Denton, Texas, effective October 1, 2007. Molecular Insight purchased the facility from NeoRx Manufacturing Group, Inc., a wholly owned subsidiary of Poniard Pharmaceuticals, Inc., for a cost of three million dollars. The Company originally announced the transaction in May 2007, pending final due diligence.

“We are extremely pleased to complete this important strategic acquisition as it significantly expands our capability to manufacture our robust portfolio of product candidates efficiently and cost effectively,” said David S. Barlow, Chairman and CEO of Molecular Insight. “Initially, we intend to use a portion of this facility to manufacture AzedraTM, our lead targeted molecular radiotherapeutic candidate for the treatment of neuroendocrine cancer, and we anticipate it being fully operational prior to the potential launch of ZemivaTM, our lead molecular imaging pharmaceutical candidate for the detection of cardiac ischemia. The facility’s location near three airports and metro Dallas should facilitate the timely development and distribution of other pipeline candidates in our portfolio, including TrofexTM, a molecular imaging pharmaceutical for the detection of prostate cancer, and OnaltaTM and SolazedTM, targeted molecular radiotherapeutics for cancer. We are excited to have a presence in Denton and look forward to being a productive member of the local business community.”

The successful acquisition of the Denton facility reflects Molecular Insight’s strategy to combine both leading external and internal capabilities for the manufacture of its molecular imaging and targeted radiotherapeutic product candidates. This plant provides more than 80,000 square feet of pharmaceutical manufacturing, warehouse, clean room and administrative office space.

About Molecular Insight Pharmaceuticals, Inc.
Molecular Insight Pharmaceuticals (NASDAQ: MIPI) is a biopharmaceutical company specializing in the emerging field of molecular medicine, applying innovations in the identification and targeting of disease at the molecular level to improve healthcare for patients with life-threatening diseases. The company is focused on discovering, developing and commercializing innovative and targeted radiotherapeutics and molecular imaging pharmaceuticals with initial applications in the areas of oncology and cardiology. Its lead targeted radiotherapeutic product candidates, Azedra and Onalta, are being developed for detection and treatment of cancer. The company's lead molecular imaging pharmaceutical product candidate, Zemiva, is being developed for the diagnosis of cardiac ischemia, or insufficient blood flow to the heart. In addition, the company has a growing pipeline of product candidates resulting from application of its proprietary platform technologies to new and existing compounds. Molecular Insight Pharmaceuticals is based in Cambridge, Massachusetts and its website address is: 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 acquisition of the facility, the development of Azedra™, Onalta™, Zemiva™ and our other product candidates. 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. All forward-looking statements are qualified in their entirety by this cautionary statement, and Molecular Insight undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.

Contact
Molecular Insight Pharmaceuticals, Inc.
Priscilla Harlan, 617-492-5554
Vice President, Corporate Communications & Investor Relations