Molecular Insight reshuffles execs

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Molecular Insight Pharmaceuticals (MIP) that it has madeĀ  several appointments to its board of directors and executive management ranks.

John W. Babich, PhD, who was elected CEO, has served as interim chairman and CEO since September 2008. Babich will retain the titles of president and chief scientific officer. He has been a researcher in the field of molecular imaging and targeted radionuclide therapy for the past 25 years. Prior to founding the Cambridge, Mass.-based MIP, he was assistant professor of radiology at Harvard Medical School and staff radiopharmaceutical chemist at Massachusetts General Hospital, both in Boston.

Anthony F. Martin, PhD, was elected non-executive chairman of the board. Martin has more than 20 years' experience in providing life science and biotechnology companies counsel on management and funding issues. Martin is the founder and managing partner of TMA Consultants, an organization that provides business planning and interim management for biotechnology companies. Most recently, he served as non-executive director of Prelude Trust, an investment trust that provides early-stage, technology-based businesses; and as chairman of NeuTec Pharma, guiding the biopharmaceutical company's to Novartis. He has also held senior positions in a number of life science businesses both in the United Kingdom and United States, according to MIP.

In separate actions, Paul A. Looney was named chief operating officer (COO), replacing John E. McCray; and Paul H. Granger was appointed vice president and general counsel. The board also announced adoption of a shareholder rights plan.

Looney has served in senior executive capacities with several life science and technology companies. Most recently, he was chairman, CEO and president of BioSphere Medical, a medical device company focused on embolotherapy. He also served as president and COO of Biopure, which develops and markets oxygen therapeutics. During his tenure at Costar, a manufacturer of plastic laboratory and liquid handling equipment used in life sciences, Looney served as president and COO, before assuming the post of chairman and CEO.

Granger has for more than 25 years provided legal counsel to U.S. and international companies. Most recently, he served as counsel with Greenberg Traurig, a U.S. law firm. At Greenberg Traurig, Granger practiced in the corporate/securities area, primarily advising clients in life science and high technology industries. Prior to that, he provided legal and business counsel to small and mid-size companies, including an early-stage pharmaceutical products development firm.

The company said the board also announced adoption of a shareholder rights plan.