SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* QVT Associates GP LLC (Last) (First) (Middle) 1177 AVENUE OF THE AMERICAS 9TH FLOOR (Street) NEW YORK NY 10036 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/27/2010	3. Issuer Name and Ticker or Trading Symbol Molecular Insight Pharmaceuticals, Inc. [ MIPI ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) reference remarks (2) below	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.01 per share	364,581(1)	I	Through QVT Fund LP and Quintessence Fund L.P.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant for Common Stock	11/16/2007	11/16/2012	Common Stock, par value $0.01 per share	1,685,949(1)	$5.87	I	Through QVT Fund LP and Quintessence Fund L.P.

1. Name and Address of Reporting Person* QVT Associates GP LLC (Last) (First) (Middle) 1177 AVENUE OF THE AMERICAS 9TH FLOOR (Street) NEW YORK NY 10036 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) reference remarks (2) below

1. Name and Address of Reporting Person* QVT Fund LP (Last) (First) (Middle) WALKERS SPV, WALKERS HOUSE 87 MARY STREET (Street) GEORGE TOWN, GRAND CAYMAN E9 KY1-9005 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) reference remarks (2) below

Explanation of Responses:

1. QVT Fund LP directly beneficially owns 328,063 shares of Common Stock and 1,520,661 Warrants. Quintessence Fund L.P. directly beneficially owns 36,518 shares of Common Stock and 165,288 Warrants. QVT Associates GP LLC, as General Partner of QVT Fund LP and Quintessence Fund L.P., may be deemed to beneficially own the aggregate number of shares of Common Stock owned by QVT Fund LP and Quintessence Fund L.P. and accordingly, QVT Associates GP LLC may be deemed to be the indirect beneficial owner of an aggregate amount of 364,581 shares of Common Stock and 1,685,949 Warrants. Each of the reporting persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.

Remarks:

(2) As of June 27, 2010, each of the reporting persons may be deemed to be a member of a "group" with certain other holders of equity securities and/or derivative securities of the Issuer for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. If such a group were determined to exist, the members hold in the aggregate more than ten percent (10%) of the Issuer's equity securities. However, each reporting person disclaims the existence of such a group and disclaims beneficial ownership of any equity securities and/or derivative securities of the Issuer other than those set forth above. This report shall not be deemed an admission that any reporting person is a member of a Section 13(d) group, for purposes of Section 16 or for any other purpose.

	/s/ Tracy Fu, Managing Member	06/29/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.