UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 1428, 2011

MOLECULAR INSIGHT PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in Charter)

Massachusetts

001-33284

04-0562086

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

160 Second Street, Cambridge, Massachusetts 02142

(Address of Principal Executive Offices, Including Zip Code)

(617) 492-5554

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 81.01. ~~Other~~Entry ~~Events~~into a Material Definitive Agreement.

As previously reported, on December 9, 2010, Molecular Insight Pharmaceuticals, Inc. (the “Company”) filed a voluntary petition in the United States Bankruptcy Court for the District of Massachusetts (the “Bankruptcy Court”) seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code, Case No. 10-23355. The Company continues to operate its business and manage its properties as a debtor in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Company’s Chapter 11 Case is pending before the Honorable Frank J. Bailey.

On April 1428, 2011, the Company ~~submitted~~ ~~its~~entered ~~unaudited~~into ~~monthly~~a ~~operating~~Senior ~~report~~Secured ~~for~~Super Priority Debtor-in-Possession Credit Agreement (the ~~period~~“DIP ~~March 1,~~Credit ~~2011~~Agreement”) ~~through~~with ~~March 31,~~the ~~2011~~lenders from time to time party thereto (the “~~Monthly~~Lenders”) ~~Operating~~and ~~Report~~NexBank, SSB, as administrative agent and collateral agent (the “DIP Agent”). ~~Exhibit~~Under ~~99.1~~the DIP Credit Agreement, the Lenders have agreed to ~~this~~provide ~~Current~~the ~~Report~~Company onwith ~~Form~~a 8debtor-Kin-possession financing ~~contains~~in the form of a ~~copy~~senior secured super priority term loan facility in a principal amount of up to $10 million (the ~~unaudited~~“DIP Loan”) to fund the Company’s financing needs during the bankruptcy proceedings. The interest rate ~~Monthly~~of ~~Operating~~the ~~Report~~DIP asLoan ~~submitted~~is to17.5% per annum. In connection with the ~~Office~~DIP Loan, the Company will pay certain fees in the form of cash and warrants to the ~~United~~Lenders ~~States~~and ~~Trustee~~the DIP Agent, the cash component of which is $515,000.

~~The~~In ~~Monthly~~connection ~~Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying~~ with ~~reporting requirements of~~ the ~~Operating~~DIP ~~Guidelines~~Loan, ~~and~~on ~~Reporting~~April 28, ~~Requirements~~2011, ~~for Chapter 11 Cases promulgated by~~ the ~~Office of the United States Trustee. The financial information contained in the Monthly Operating Report is preliminary and unaudited and does not purport to show the financial statements of the~~ Company inalso ~~accordance~~entered ~~with~~into ~~generally~~a ~~accepted~~Security ~~accounting~~Agreement ~~principles in~~ (the ~~United States of America (~~“~~GAAP~~Security Agreement”) ~~and,~~with ~~therefore~~NexBank, may exclude items required by GAAP. The Monthly Operating Report also does not include footnotes that would ordinarily be contained in the financial statements in the Company’s quarterly and annual reports filed pursuant to the Securities Exchange Act of 1934SSB, as ~~amended~~collateral agent (the “~~Exchange~~Collateral ~~Act~~Agent”). ~~The~~Pursuant ~~Monthly Operating Report contains information for periods that may be shorter or otherwise different from those contained in reports required pursuant~~ to the ~~Exchange~~Security ~~Act. The financial information has not been reviewed or otherwise verified for accuracy or completeness by the Company’s independent registered public accountants~~Agreement, ~~and there can be no assurance that~~ the ~~Monthly Operating Report is complete. The~~ Company ~~cautions~~has ~~readers~~agreed ~~not~~ to ~~place~~pledge ~~undue~~its ~~reliance~~rights onto ~~the~~certain ~~Monthly~~collateral ~~Operating Report. The Monthly Operating Report may be subject~~ to ~~revision.~~the ~~The~~Collateral ~~Monthly~~Agent ~~Operating~~as ~~Report~~security isfor ~~in a format~~the ~~required~~obligations ~~by the Office~~ of the ~~United~~Company ~~States~~under ~~Trustee and should not be used for investment purposes. The information in~~ the ~~Monthly~~DIP ~~Operating Report should not be viewed as indicative of future results~~Facility. ~~The Monthly Operating Report is being furnished for informational purposes only.~~

~~Limitation~~A form of the DIP Credit Agreement was filed with the Bankruptcy Court on April 5, ~~Incorporation~~2011. A copy of the DIP Credit Agreement and a copy of the Security Agreement are attached hereto as Exhibits 10.1 and 10.2 and are incorporated herein by ~~Reference~~reference.

~~Exhibit~~The ~~99.1~~DIP toLoan ~~this~~is ~~Current~~subject ~~Report~~to ona ~~Form~~number ~~8-K~~of ~~shall~~conditions ~~not~~and becovenants ~~deemed~~of ~~“filed”~~the ~~for~~Company, ~~purposes~~as ofwell ~~Section 18~~as ofcertain ~~the~~bankruptcy-related ~~Exchange Act~~preconditions, orincluding ~~otherwise subject to~~ the ~~liabilities~~entry of ~~that~~certain ~~section,~~final ~~nor~~orders ~~shall~~by ~~they~~the beBankruptcy ~~deemed~~Court ~~incorporated~~incorporating, byamong ~~reference~~other initems, ~~any~~a ~~filing~~confirmation ~~under~~order related to the ~~Securities~~amended ~~Act~~plan of ~~1933,~~reorganization. asThere ~~amended,~~is orno ~~the~~assurance ~~Exchange~~that ~~Act,~~the ~~regardless~~Bankruptcy ofCourt ~~any~~will ~~general~~approve ~~incorporation~~the ~~language~~amended ~~in the~~plan ~~filing~~of reorganization.

~~Forward-Looking~~The ~~Statements~~descriptions of the DIP Credit Agreement and the Security Agreement are qualified in their entirety by the full text of those agreements, which are filed herewith as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K.

~~Statements~~Item ~~in this Current Report on Form 8-K that are not strictly historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995~~2.03 ~~Such~~Creation statements include, but are not limited to, statements about our pending Chapter 11 filing and those factors identified in our filings with the SEC. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of ~~the~~a ~~Company~~Direct toFinancial beObligation ~~materially different from historical results~~ or ~~from~~an ~~any~~Obligation ~~results~~under ~~expressed~~an ~~or implied by such forward~~Off-~~looking~~Balance ~~statements.~~Sheet ~~The~~Arrangement ~~risks and uncertainties and the terms~~ of ~~any~~a ~~reorganization plan ultimately confirmed can affect the value of our various pre-petition liabilities, common stock and/or other securities~~Registrant. ~~No assurance can be given as to what values, if any, will be ascribed in the bankruptcy~~

2The information set forth in Item 1.01 of this Current Report is incorporated herein by reference.

~~proceedings~~Item ~~to each of these constituencies~~7. ~~A plan of reorganization could result in holders of our liabilities and/or securities receiving no value for their interests~~01. ~~All~~Regulation ~~forward-looking statements~~FD ~~are qualified in their entirety by this cautionary statement~~Disclosure.

On May 3, 2011, the Company announced that it intends to file a Form 15 with the Securities and Exchange Commission (the “SEC”) to deregister its common stock and intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, on or about May 13, 2011. As a consequence of the deregistration, it is anticipated that the Company’s common stock will no longer be eligible for trading on the Over-the-Counter Bulletin Board. Following deregistration, the Company intends to communicate with its shareholders through its website and periodic press releases.

A copy of this press release is furnished with this Current Report on Form 8-K and attached hereto as Exhibit 99.1. Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

99.1 Monthly Operating Report of Molecular Insight Pharmaceuticals, Inc. for the period March 1, 2011 through March 31, 2011 submitted to the Office of the United States Trustee.


10.1		Senior Secured Super Priority Debtor-in-Possession Credit Agreement among Molecular Insight Pharmaceuticals, Inc., the lenders from time to time party thereto and NexBank, SSB, dated April 28, 2011.

10.2		Security Agreement between Molecular Insight Pharmaceuticals, Inc. and NexBank, SSB, dated April 28, 2011.

99.1		Press Release of Molecular Insight Pharmaceuticals, Inc., dated May 3, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized, on the ~~19th~~4th day of ~~April~~May, 2011.


MOLECULAR INSIGHT PHARMACEUTICALS, INC.

By:		/s/ Mark A. Attarian
		Name: Mark A. Attarian
		Title: Interim Executive Vice President and Chief Financial Officer

Exhibit Index to Current Report on Form 8-K

Exhibit Number		Exhibit Description
99.1		Monthly Operating Report of Molecular Insight Pharmaceuticals, Inc. for the period March 1, 2011 through March 31, 2011 submitted to the Office of the United States Trustee.
10.1		Senior Secured Super Priority Debtor-in-Possession Credit Agreement among Molecular Insight Pharmaceuticals, Inc., the lenders from time to time party thereto and NexBank, SSB, dated April 28, 2011.
10.2		Security Agreement between Molecular Insight Pharmaceuticals, Inc. and NexBank, SSB, dated April 28, 2011.
99.1		Press Release of Molecular Insight Pharmaceuticals, Inc., dated May 3, 2011.

Filing Compare · Molecular Insight Pharmaceuticals, Inc.