<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-03-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001340752</issuerCik>
        <issuerName>Molecular Insight Pharmaceuticals, Inc.</issuerName>
        <issuerTradingSymbol>MIPI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000947822</rptOwnerCik>
            <rptOwnerName>FEINBERG STEPHEN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CERBERUS CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>299 PARK AVENUE - 22ND FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10171</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2007-03-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5199</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.4538</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3733255</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By limited partnership</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Cerberus Partners, L.P. (&quot;Cerberus Partners&quot;) is the owner of (i) 3,733,255 shares of the common stock of the Molecular Insight Pharmaceuticals, Inc. (the &quot;Company&quot;), par value $0.01 per share (the &quot;Shares&quot;) and (ii) a Common Stock Purchase Warrant (the &quot;2006 Warrant&quot;) to acquire 256,411 Shares.  Stephen Feinberg, through one or more intermediate entities, possesses sole power to vote and direct the disposition of all securities of the Company owned by Cerberus Partners.  Mr. Feinberg's interest in such securities is limited to the extent of his pecuniary interest in Cerberus Partners, if any.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Stephen Feinberg</signatureName>
        <signatureDate>2007-03-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
