Molecular Insight raises $150M in bonds

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Molecular Insight Pharmaceuticals, a biopharmaceutical company, has priced $150 million in bonds due in 2012 with an organization of institutional investors.

As part of the transaction, Molecular Insight will issue warrants for the purchase of an aggregate of about 6 million shares of common stock. The warrants represent 18 percent dilution of common shares on a fully diluted, post-money basis.

David Barlow, chairman and CEO of Molecular Insight, said the company anticipates that the proceeds should provide “sufficient capital to fund the company through our first product launch, including expenses related to continued clinical progress on our robust pipeline of molecular imaging and targeted molecular radiotherapeutic candidates.”