SEC FORM 3

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

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1. Name and Address of Reporting Person^*

Babich John W

(Last)

(First)

(Middle)

MOLECULAR INSIGHT PHARMACEUTICALS, INC.

160 SECOND STREET

(Street)

CAMBRIDGE

Cambridge

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/01/2007

3. Issuer Name and Ticker or Trading Symbol
Molecular Insight Pharmaceuticals, Inc. [ MIPI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President/Chief Scientific Off

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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	49,333	D
Common Stock	2,000	I	by minor child⁽¹⁾
Common Stock	2,000	I	by minor child⁽¹⁾

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Series A Convertible Preferred Stock	⁽²⁾	⁽³⁾	Common Stock	27,702	⁽⁴⁾	D
Employee Stock Option	⁽⁵⁾	⁽⁶⁾	Common Stock	123,200	$0.6	D
Employee Stock Option	⁽⁷⁾	04/08/2013	Common Stock	304,301	$0.6	D
Employee Stock Option	⁽⁸⁾	02/18/2015	Common Stock	83,333	$1.2	D
Employee Stock Option	⁽⁹⁾	05/09/2016	Common Stock	83,333	$4.8	D

Explanation of Responses:

1. Held as custodian for the reporting person's minor child.

2. Immediately.

3. Not applicable.

4. The reporting person holds 631 shares of Series A Convertible Preferred Stock. In connection with the IPO, the Series A Convertible Preferred Stock will automatically convert into 27,702 shares of Common Stock, which number of shares includes accrued and unpaid dividends on the Series A Preferred Stock as of February 1, 2007.

5. 164,866 of the underlying shares vested upon the date of grant; an additional 20,833 vested on December 31, 2003. The balance of the underlying shares vested on March 31, 2004.

6. The expiration date as to 123,200 of the underlying share is February 9, 2000. The balance of the underlying shares expire on March 15, 2010.

7. 20% of the shares underlying the option vested upon the date of grant and an additional 5% vest quarterly over a four year period commencing on July 8, 2003.

8. One half of the option grant vests in four equal annual installments beginning on the February 18, 2006. The balance of the underlying shares vests on February 18, 2009, subject to acceleration upon reaching certain milestone performance objectives.

9. This option vests in four equal annual installments beginning on May 9, 2006.

Remarks:

	Adria E. Warren, Esq., as Attorney-in-fact for John W. Babich, Ph.D.	02/01/2007
	** 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.