June 16, 2008

Molecular Insight Pharmaceuticals, Inc. Announces Additional Panel Participation at the BIO 2008 International Convention

Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) announced today that John E. McCray, Chief Operating Officer of Molecular Insight, will participate in a panel discussion called "Myth-Busting and Other Sage Company-Building Advice from the Experts" at the Biotechnology Industry Organization (BIO) International Convention, being held June 17-20, 2008 in San Diego, CA. During the panel discussion, a group of seasoned professionals will explore the myths and share advice on strategies for seizing opportunities and avoiding pitfalls in building a successful life sciences company. This panel will take place on Thursday, June 19th from 10:30 a.m. to 12:00 p.m. Pacific Time in room 31 ABC at the San Diego Convention Center.

As previously announced, Mr. McCray is also participating on a panel called "Finding the Late-stage Candidate of Your Dreams," which will explore how several companies successfully in-licensed late-stage product candidates from large pharmaceutical companies. This panel will take place on Wednesday, June 18th from 10:15 a.m. to 11:45 a.m. Pacific Time in room 33 ABC.

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, molecular radiotherapeutics and molecular imaging pharmaceuticals with initial applications in the areas of oncology and cardiology. Its lead molecular 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 regarding the development of Azedra(TM), Onalta(TM), Zemiva(TM) 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.