Molecular Insight Receives Second Extension of Waiver Agreement With Bond Holders
18 Maggio 2010 - 2:00PM
Marketwired
Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), a
biopharmaceutical company discovering and developing targeted
therapeutic and imaging radiopharmaceuticals for use in oncology,
today announced that the Company has received a second extension of
its waiver agreement with its Bond holders, allowing debt
restructuring discussions to progress.
In March and April 2010, Molecular Insight executed a waiver
agreement and a first amendment thereto, respectively, with holders
of the Company's outstanding Senior Secured Bonds and the Bond
Indenture trustee and announced ongoing discussions with the
holders of its Bonds concerning a restructuring of its outstanding
debt. Under the terms of the second amendment to the waiver
agreement executed on May 17, 2010, the Bond holders and Bond
Indenture trustee agreed to extend the waiver of a default arising
from the inclusion of a going concern explanatory paragraph in the
independent auditor's report on the Company's financial statements
for the year ended December 31, 2009 and other technical defaults
under the Bond Indenture. The term of the waiver is now extended
until 12:01 AM Eastern Standard Time on June 22, 2010.
The waiver continues to be subject to a number of terms and
conditions relating to the provision of certain information to the
Bond holders, among other conditions and matters. In the event that
the waiver expires or terminates prior to the successful conclusion
of the Company's negotiations with its Bond holders regarding the
restructuring of its outstanding debt, the Company will be in
default of its obligations under the Indenture and the Bond holders
may choose to accelerate the debt obligations under the Indenture
and demand immediate repayment in full and seek to foreclose on the
collateral supporting such obligations. If the Company's debt
obligations are accelerated or are not restructured on acceptable
terms, it is likely the Company will be unable to repay such
obligations and may seek protection under the U.S. Bankruptcy Code
or similar relief.
About Molecular Insight Pharmaceuticals,
Inc. Molecular Insight Pharmaceuticals is a clinical-stage
biopharmaceutical company and pioneer in molecular medicine. The
Company is focused on the discovery and development of targeted
therapeutic and imaging radiopharmaceuticals for use in oncology.
Molecular Insight has five clinical-stage candidates in
development. For further information on Molecular Insight
Pharmaceuticals, please visit www.molecularinsight.com.
Forward-Looking Statements Statements in
this release that are not strictly historical in nature are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about our negotiations with our
Bond holders and the consequences of the failure to reach agreement
with the Bond holders in regard to avoiding acceleration of the
debt obligations under the Bond Indenture and restructuring such
debt on acceptable terms, our ability to meet our obligations under
the Bond Indenture, our potential insolvency and other consequences
caused by a default under the Bond Indenture. Such forward-looking
statements involve known and unknown risks, uncertainties, and
other factors that may cause the actual results of Molecular
Insight to be materially different from historical results or from
any results expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, risks and
uncertainties related to the progress, timing, and results of our
negotiations with the Bond holders regarding the debt
restructuring, and the additional risks discussed in filings with
the Securities and Exchange Commission (SEC). The Company's SEC
filings are available through the SEC's Electronic Data Gathering
Analysis and Retrieval system (EDGAR) at http://www.sec.gov. Press
releases for Molecular Insight Pharmaceuticals, Inc. are available
on our website: http://www.molecularinsight.com. If you would like
to receive press releases via e-mail, please contact:
investor@molecularinsight.com. All forward-looking statements are
qualified in their entirety by this cautionary statement, and the
Company undertakes no obligation to revise or update this release
to reflect events or circumstances after the date hereof.
Contact: Investors Chuck Abdalian Chief Financial Officer
(617) 871-6618 cabdalian@molecularinsight.com Media Martin
A. Reynolds Manager Corporate Communications (617) 871-6734
mreynolds@molecularinsight.com Susan Pietropaolo BCC Partners (201)
923-2049 spietropaolo@bccpartners.com
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