Radioisotope imaging developer Molecular Insight Pharmaceuticals of Cambridge, MA, said it has raised $28 million in Series C financing. The money will be used to advance the firm's lead compound for the diagnosis of acute cardiac ischemia, BMIPP, into phase III clinical trials, and to accelerate the development of its molecular imaging pharmaceuticals and radiotherapeutics.
New investors, including Siemens Venture Capital, MedCap Management & Research, and Emigrant Capital joined existing institutional and individual investors in the financing round, according to Molecular Insight.
The firm's second lead product candidate, MIP-120T, is being developed for the treatment of neuroendocrine tumors in children and adults. MIP-120T is a targeted radiotherapeutic developed with the company's proprietary Ultratrace technology and is undergoing late preclinical studies.
Ultratrace compounds are designed to increase the uptake of a radiolabeled compound to target tissues, such as tumors, while reducing the quantities of unlabeled drug in the patient's system, Molecular Insight said.
By AuntMinnie.com staff writers
April 20, 2005
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Molecular Insight adds chief medical officer, June 30, 2004
MDS Nordion, Molecular Insight link up, June 17, 2004
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