Molecular Insight Pharmaceuticals cuts jobs to focus on R&D

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Molecular Insight Pharmaceuticals (MIP) has eliminated nine positions in alignment with its plan to support the development of its oncology product candidates and to reduce operating costs.

The Cambridge, Mass.-based MIP now has 61 employees and five clinical-stage oncology products--two of which the company expects to begin Phase III confirmatory trials in 2010.

After a one-time charge of approximately $200,000 in the first quarter of 2010, MIP said it expects to achieve approximately $1 million in annualized savings in its operating expenses as a result of the reduction.