October 30, 2008

Molecular Insight Pharmaceuticals, Inc. To Announce Third Quarter Financial Results on November 13, 2008

Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI) announced today that it will release its third quarter 2008 financial results before the opening of the Market and will hold a conference call on Thursday, November 13, 2008 at 10:00 a.m. Eastern Time. During the call, senior management of Molecular Insight will review the Company's financial results and provide an update on its clinical development programs.

Conference Call Details

To access the live call on November 13, 2008 at 10:00 a.m. Eastern Time, dial 888-713-4209 (or 617-213-4863 for international participants) at least five minutes prior to the start of the call. The participant pass code is 20737370. For one week following the call, an audio replay can be accessed by dialing 888-286-8010 (or 617-801-6888 for international callers) and using the pass code 34645606.

Participants may pre-register for the call to expedite access and minimize hold times by visiting https://www.theconferencingservice.com/prereg/ key.process?key=PHR7FHMV7 (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.).

A live audio webcast of the call will also be available in the "Investor Relations" section of the Company's website, www.molecularinsight.com. An archived audio webcast will be available on the Company's website after the event and will be archived for 30 days.

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 imaging radiopharmaceuticals and targeted molecular radiotherapeutics with initial applications in the areas of cardiology and oncology. Molecular Insight's lead molecular imaging radiopharmaceutical product candidate, Zemiva(TM), is being developed for the diagnosis of cardiac ischemia, or insufficient blood flow to the heart. The Company's imaging candidate Trofex(TM) is in development for the detection of metastatic prostate cancer. Molecular Insight's lead molecular radiotherapeutic product candidates, Azedra(TM) and Onalta(TM), are being developed for detection and treatment of cancer. 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 about the development of Azedra(TM), Onalta(TM), Zemiva(TM), Trofex(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.