Are the comments from the recent conference call regarding the recent acquisition under appreciated?
"In the fourth quarter, and soon after, we took 2 important steps forward. We completed a follow-on public offering that brought in about $23 million in net proceeds, and we acquired Molecular Insight Pharmaceuticals, which expanded our oncology pipeline with diagnostic and small molecule therapeutic candidates, targeting PSMA and prostate cancer.
In addition, earlier this month, we reported positive clinical data from a study of imaging agents that were a part of this acquisition. We were proud to report that a paper summarizing these data was selected as the cover feature for the March issue of the Journal of Nuclear Medicine.
Imaging options that currently exist are limited in their ability to diagnose and stage prostate cancer. Data from studies of the compounds discussed in the journal paper and from MIP-1404, all of which we acquired from Molecular Insight, indicate that PSMA is a robust target for prostate cancer molecular imaging. A radiolabeled small molecule, which binds PSMA with high affinity, has a potential to detect prostate cancer throughout the body. It is clear to us that an improved way to visualize prostate cancer with a high degree of specificity and sensitivity would help physicians and their patients make more fully informed decisions about watchful waiting and treating aggressive disease with therapeutic regimens."
So, interesting question. Molecular Insight is based in Cambridge MA, the founder Dr Babich was a professor at Harvard University, and Radiopharmaceutical Chemist at MGH. Prior to that he was Head of the Radiopharmaceutical Section at the Institute of Cancer Research in England. Impressive credentials, and a solid history/background in radiological therapies. Check out the CEO they brought on board too. Interesting that MIPI appears to run as it's own business unit. Perhaps the guys in Tarrytown bought MIPI as an investment. Lol.
Anyway, read up a bit on I-MIP-1095 (Azdera), take not of where the trials are being run. While I think MIP-1404 holds tremendous promise, Azdera is the one to watch. We're flying under the radar for the moment - though I noticed the institutional interest creeped up last quarter.