(Source: MARKETWIRE)The Board of Directors of Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) announced today that Daniel L. Peters has been appointed President and Chief Executive Officer. Mr. Peters was also elected to Molecular Insight's Board of Directors. Mr. Peters assumes the positions that had been held by John W. Babich, Ph.D., a Company founder, who will now serve as Executive Vice President, Chief Scientific Officer and President of Research and Development and continue as a member of the Board of Directors.

In announcing the appointment, Molecular Insight Board Chairman Anthony F. Martin, Ph.D., said, "Dan Peters is an excellent addition to our management team at this stage of the Company's development. He has overseen global operations and executed growth strategies for GE Healthcare's $2B Medical Diagnostics Division, so he is intimately familiar with our markets. In addition, Dan offers an impressive breadth of management expertise and commercial acumen. As partnership opportunities emerge to support our commercialization efforts, Dan's business experience will be important in driving our growth strategy and in continuing to enhance stockholder value."

Mr. Peters commented, "Molecular Insight's growth potential is what attracted me to the Company. Molecular Insight has carved out an impressive niche in the emerging field of molecular medicine. The Company has built a diverse pipeline of exciting product candidates that address unmet medical needs and cost-containment issues that capture daily headlines. It also appears to have in place strong clinical, regulatory and research groups. I am excited to be joining a team that already has created significant value."

The Board also announced that Dr. Babich, the Company's Chief Scientific Officer, will assume the additional key roles of Executive Vice President and President of Research and Development. Dr. Babich will continue his leadership responsibilities for driving the Company's scientific strategy, as well as continue the expansion and clinical development of the Company's robust pipeline of radiopharmaceutical compounds. This new role recognizes and builds upon Dr. Babich's unique value not just to Molecular Insight but also to the scientific community overall.

Dr. Babich commented, "I am looking forward to working closely with Mr. Peters in developing long-term strategies for growth and value creation. His strong commercial background within the industry is a great match for the innovative science that we have developed and are on the verge of bringing to market."

About Mr. Peters

Mr. Peters most recently served as President and Chief Executive Officer of the Medical Diagnostics business of GE Healthcare.