Molecular Insight Pharmaceuticals, Inc. (MIPI) – Buzz Stock of the Day

Shares of oncology-focused biotech, Molecular Insight Pharmaceuticals, Inc. (Nasdaq: MIPI) were up more than 28 percent in morning trading on Friday.

Last week, the Cambridge-based Molecular Insight Pharmaceuticals presented 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 in Salt Lake City.

[–quote–]

“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,” said John W. Babich, Ph.D., Executive Vice President, Chief Scientific Officer, and President of Research and Development for Molecular Insight Pharmaceuticals, Inc.

Molecular Insight also 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. 99mTc-MIP-1340 is a small molecule inhibitor of PSMA for molecular imaging of prostate cancer. Preclinical results have confirmed that 99mTc-MIP-1340 binds specifically and with high affinity to PSMA and accumulates in human prostate cancer xenografts.

Other notable biotech for this week include: Neurocrine Biosciences, Inc. (Nasdaq: NBIX), Celgene Corp. (Nasdaq: CELG) and CardioNet, Inc. (Nasdaq: BEAT). Biotech could be a bright spot in the market this year, according to some experts.

Tags: biotech, mipi, nasdaq, oncology, pharma stocks, small cap stocks

This entry was posted on Friday, June 18th, 2010 at 4:08 pm by admin and is filed under Health Care Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.