Molecular Insight cuts jobs in realignment

Cambridge, MA-based Molecular Insight Pharmaceuticals announced today that it is cutting nine positions as it seeks to reduce operating costs. The company will take a one-time charge of $200,000 in the first quarter, but expects to save about $1 million annually as a result of the cuts. "The decision to re-align and rebalance personnel was a difficult but an important step in supporting the efficient development of our oncology product pipeline," says Daniel Peters, president and CEO.

Molecular Insights discovers and develops therapeutic and imaging radiopharmaceuticals for use in oncology, and has five clinical-stage candidates in development, two of which are headed for Phase III trials in the near future. The company now has 61 employees.

- take a look at the release for more