Molecular Insight diagnostic news
Molecular Insight said the U.S. Bankruptcy Court for the District of Massachusetts approved the biotech's amended reorganization plan as part of its Chapter 11 proceedings initiated last year. The plan will reduce Molecular Insight's outstanding debt by about $162 million, facilitate a new capital infusion of about $40 million from holders of senior secured floating rate bonds due 2012 and extinguish all outstanding shares of the company's common stock. Molecular Insight is scheduled to emerge from bankruptcy by about May 20. The biotech delisted from NASDAQ late last year after filing for bankruptcy (see BioCentury, Dec. 20, 2010 & Jan. 31, 2011).
Molecular Insight's Zemiva, a radiolabeled fatty acid analog (iodofiltic acid iodine-123) imaging agent, has completed Phase II testing to diagnose cardiac ischemia in patients with suspected acute coronary syndrome (ACS). Molecular Insight plans to seek a partnership or to out-license Zemiva after it emerges from bankruptcy. ...