Molecular Insight Pharmaceuticals (MIPI) 8-K Other Events

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF MASSACHUSETTS

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
	Reporting Period	1/1/2011 - 1/31/2011

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS	Form No.	Document Attached	Explanation Attached
Monthly Reporting Questionnaire	MOR-1	Yes
Schedule of Cash Receipts and Disbursements	MOR-2	Yes
Copies of Debtor’s Bank Reconciliations		Yes
Copies of Debtor’s Bank Statements		Yes
Copies of Cash Disbursements Journals		Yes
Statement of Operations	MOR-3	Yes
Balance Sheet	MOR-4	Yes
Schedule of Post-Petition Liabilities	MOR-5	Yes
Copies of IRS Form 6123 or payment receipt		No	** Yes
Copies of tax returns filed during reporting period		N/A
Detailed listing of aged accounts payables		Yes
Accounts Receivable Reconciliation and Aging	MOR-6	Yes

I declare under penalty of perjury (28 U.S.C. section 1746) that this report and	**     ADP submits our payroll tax payments.
all attachments are true and correct to the best of my knowledge and belief.	We do not receive a Form 6123.

/s/ MARK A. ATTARIAN	2/16/2011
Signature of Authorized Individual *	Date
MARK A. ATTARIAN	Interim Chief Financial Officer & EVP
Printed Name of Authorized Individual	Title of Authorized Individual

* Authorized individual must be an officer, director or shareholder if the debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

The Monthly Operating Report (“MOR”) is unaudited and reflects the Debtor’s best efforts to report the assets and liabilities of the Debtor on an unconsolidated basis. The MOR neither purports to represent financial statements prepared in accordance with with Generally Accepted Accounting Principles (“GAAP”), nor is the MOR intended to fully reconcile to any such financial statements. The MOR does not constitute an admission of liability of the Debtor with respect to any item referenced.

The Debtor records general accruals for certain categories of liabilities that are estimates of anticipated aggregate liability that are not tied to particular invoices or vendors. Certain deferred charges, accounts or reserves indicated as “accrued” or “deferred” that relate to clinical trials, other contractual liabilities of the Debtor, and for GAAP reporting purposes are recorded on MOR-4. These deferred expenses do not represent any actual liability incurred, due or payable, are not claims against the Debtor as of the Petition Date or for the current reporting period, and may not result in any administrative expense liability.

COVER PAGE

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	1/1/2011 - 1/31/2011

MONTHLY REPORTING QUESTIONNAIRE
Must be completed each month	Yes	No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.			X
2. Have any funds been disbursed from any account other than a debtor-in-possession account this reporting period? If yes, provide an explanation below.			X
3. Have any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? If yes, attach listing including date of payment, amount of payment, and name of payee.	X
4. Have any payments been made to professionals? If yes, attach listing including date of payment, amount of payment, and name of payee.	X
5. If the answer to question 3 and/or 4 is yes, were all such payments approved by the Court?	X
6. Have any payments been made to officers, insiders, shareholders, or relatives? If yes, attach listing including date of payment, amount and reason for payment, and name of payee.	X
7. Have all post-petition tax returns been timely filed? If no, provide an explanation below.	N/A
8. Is the estate current on the payment of post-petition taxes?	X
9. Is the estate insured for the replacement cost of assets and for general liability? If no, provide an explanation below.	X
10. Is workers’ compensation insurance in effect?	X
11. Have all current insurance payments been made?	X
12. Are a plan and disclosure statement on file?	X
13. Was there any post-petition borrowing during this reporting period?			X

MOR-1

Molecular Insight Pharmaceuticals, Inc.	Reporting Period
Case No: 10-23355	1/1/2011 - 1/31/2011
Payments of Pre-Petition Debts

Payee	Check #		Check Date		Amount
MOR-1 Question 3
Cambridge Major Laboratories, Inc.		23868		1/21/2011	$	68,965.00
MRCS Inc.		EFT		1/18/2011	$	6,765.00
Note: Both payments authorized by Order of the Court on January 11, 2011.
MOR-1 Question 4
Tatum		EFT		1/11/2011	$	38,245.50
Greenberg Traurig		23930		1/28/2011	$	282.50
MOR-1 Question 6
Harry Stylli		EFT		1/4/2011	$	18,000.00	compensation for CRO services
Harry Stylli		EFT		1/24/2011	$	31,762.57	compensation for CRO services

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	1/1/2011 - 1/31/2011

SCHEDULE OF RECEIPTS AND DISBURSEMENTS (Unrestricted Cash)

	Citibank Operating			Citibank Money Market			Smith Barney Money Market		Bank of New York		TOTAL
CASH - BEGINNING OF MONTH		14,323,959			275			0		0		14,324,234
RECEIPTS
CASH SALES												0
ACCOUNTS RECEIVABLE												0
LOANS AND ADVANCES												0
SALE OF ASSETS												0
OTHER (ATTACH LIST)												0
Refund of credit balances from vendors		4,030										4,030
COBRA payments		7,324										7,324
TRANSFERS (FROM DIP ACCOUNTS)												0
TOTAL RECEIPTS		11,354			0			0		0		11,354
DISBURSEMENTS
NET PAYROLL		253,047										253,047
PAYROLL TAXES		149,489										149,489
SALES, USE & OTHER TAXES												0
INVENTORY PURCHASES												0
MANUFACTURING COSTS		229,978										229,978
CLINICAL COSTS		212,058										212,058
SECURED/RENTAL/LEASES		105,439										105,439
INSURANCE												0
GENERAL & ADMINISTRATIVE		432,610										432,610
SELLING												0
OTHER (ATTACH LIST)												0
TRANSFERS (TO DIP ACCOUNTS)												0
PROFESSIONAL FEES		38,528										38,528
U.S. TRUSTEE QUARTERLY FEES		4,875										4,875
COURT COSTS												0
TOTAL DISBURSEMENTS		1,426,024			0			0		0		1,426,024
INTRACOMPANY BANK TRANSFERS		275			(275	)		0		0		0
NET CASH FLOW		(1,414,395	)		(275	)		0		0		(1,414,670	)
CASH - END OF MONTH	$	12,909,564		$	0		$	0	$	0	$	12,909,564

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

TOTAL DISBURSEMENTS	1,426,024
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES
TOTAL DISBURSEMENTS FOR CALCULATING U.S.TRUSTEE QUARTERLY FEES	1,426,024

Note: The $275 balance in the Citibank Money Market was for December interest before the account was closed. MOR-2

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	1/1/2011 - 1/31/2011

STATEMENT OF OPERATIONS

(Income Statement)

	Month			Cumulative Filing to Date
Grant Revenue	$	38,493		$	303,628
Operating Expenses
Payroll		388,617			724,915
Payroll Taxes		52,332			50,416
Employee Benefits Programs		44,805			99,949
Insider Compensation		49,763			60,763
Temporary Labor		8,700			33,329
Out Svcs - Accounting Fees		59,289			109,706
Out Svcs - IT		1,272			2,543
Out Svcs - ADP Fees		1,141			2,208
Out Svcs - Other		20,675			171,377
Investor Relations		1,043			10,470
Lab Materials - Off Supplies		48,952			63,594
Sponsored Research		0			9,000
Legal - Corporate		113,514			219,690
Legal - Patent		123,717			166,685
Consultants		259,055			426,183
SAB-BOD Costs		47,033			64,733
License-Milestone Costs		0			4,808
Manufacturing Costs - Development & Clinical		205,214			162,898
Dues & Subscriptions		4,005			7,106
Travel & Entertainment		8,258			11,508
Business Ins. - D&O		131,364			262,728
Business Ins - Commercial Pkg.		5,716			11,432
Business Ins - Clin Trial Ins		2,763			8,288
Postage & Courier		64			614
Bank Fees		2,116			2,116
Waste Disposal & Reg Fees		8,903			10,157
Rent & Related Expenses		105,144			138,755
Utilities - Electric & Com		16,407			29,642
Maint. & Repairs - Facility		1,112			1,538
Maintenance & Support - IT		11,523			35,829
Accretion Expense for Asset Retirement Obligation		1,656			3,286
Equipment Rentals		2,668			4,971
Stock Based Compensation		153,862			245,411
Clinical Trial Expense		207,718			557,384
Operating Expenses before Depreciation		2,088,400			3,714,032
Depreciation		52,747			105,920
Net Loss before Other Income & Expense		(2,102,655	)		(3,516,324	)
Other Income and Expense
Other Income (attach schedule)
Interest Income		0			2,062
Othe Expense (attach schedule)
Net Loss Before Reorganization Items		(2,102,655	)		(3,514,262	)
Reorganization Items
Restructuring Costs & Professional Fees		540,577			1,013,190
U.S. Trustee Quarterly Fee		0			4,875
Interest Earned on Accumulated Cash from Chapter 11
Gain (Loss) from Sale of Equipment
Other Reorganization Expenses
Total Reorganization Expenses		540,577			1,018,065
Income Taxes
Net Loss	($	2,643,232	)	($	4,532,326	)

MOR-3

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

STATEMENT OF OPERATIONS - DECEMBER 31, 2010 RECONCILIATION

(Income Statement)

	Month			REVISED w/ Year End  Adjustments			Changes
Grant Revenue	$	144,560		$	265,135		$	120,575
Operating Expenses
Payroll		336,298			336,298			0
Payroll Taxes		(1,916	)		(1,916	)		0
Employee Benefits Programs		55,144			55,144			0
Insider Compensation		21,000			21,000			0
Temporary Labor		24,629			24,629			0
Out Svcs - Accounting Fees		50,417			50,417			0
Out Svcs - IT		1,272			1,272			0
Out Svcs - ADP Fees		1,066			1,066			0
Out Svcs - Other		30,037			150,702			120,665
Investor Relations		9,427			9,427			0
Lab Materials - Off Supplies		5,287			14,642			9,355
Sponsored Research		9,000			9,000			0
Legal - Corporate		7,097			106,177			99,080
Legal - Patent		42,968			42,968			0
Consultants		138,377			157,127			18,750
SAB-BOD Costs		17,700			17,700			0
License-Milestone Costs		4,808			4,808			0
Manufacturing Costs - Development & Clinical		9,227			(42,316	)		(51,543	)
Dues & Subscriptions		3,101			3,101			0
Travel & Entertainment		3,250			3,250			0
Business Ins. - D&O		131,364			131,364			0
Business Ins - Commercial Pkg.		5,716			5,716			0
Business Ins - Clin Trial Ins		5,525			5,525			0
Postage & Courier		550			550			0
Waste Disposal & Reg Fees		1,254			1,254			0
Rent & Related Expenses		33,611			33,611			0
Utilities - Electric & Com		13,236			13,236			0
Maint. & Repairs - Facility		426			426			0
Maintenance & Support - IT		24,307			24,307			0
Accretion Expense for Asset Retirement Obligation		1,630			1,630			0
Equipment Rentals		2,303			2,303			0
Stock Based Compensation		91,549			91,549			0
Clinical Trial Expense		319,659			349,666			30,007
Operating Expenses before Depreciation		1,399,318			1,625,631			226,314
Depreciation		53,173			53,173			0
Net Loss before Other Income & Expense		(1,307,930	)		(1,413,669	)		(105,739	)
Other Income and Expense
Other Income (attach schedule)								0
Interest Income		421			2,062			1,641
Other Expense (attach schedule)								0
Net Loss Before Reorganization Items		(1,307,510	)		(1,411,607	)		(104,097	)
Reorganization Items
Restructuring Costs & Professional Fees		18,126			472,612			454,486
U.S. Trustee Quarterly Fee		4,875			4,875			0
Interest Earned on Accumulated Cash from Chapter 11								0
Gain (Loss) from Sale of Equipment								0
Other Reorganization Expenses								0
Total Reorganization Expenses		23,001			477,487			454,486
Income Taxes
Net Loss	($	1,330,511	)	($	1,889,094	)	($	558,584	)

MOR-3 ADDENDUM

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	1/1/2011 - 1/31/2011

BALANCE SHEET

ASSETS		BOOK VALUE AT END OF CURRENT REPORTING MONTH			BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Cash Equivalents		$	12,909,564		$	14,925,779
Restricted Cash and Cash Equivalents			522,636			520,995
Accounts Receivable (Net)			507,883			204,255
Notes Receivable
Inventories
Prepaid Expenses			1,164,878			1,708,993
Professional Retainers			1,960,119			1,990,119
Employee Advances			21,550			21,550
Deposits			1,084,177			1,071,082
TOTAL CURRENT ASSETS			18,170,807			20,442,773
PROPERTY & EQUIPMENT
Lab & Equipment			3,452,319			3,425,980
Furniture & Fixtures			328,467			328,467
Leasehold Improvements			838,407			838,407
Construction-In-Process	��		3,492,016			3,518,355
Less Accumulated Depreciation			(3,881,656	)		(3,775,735	)
TOTAL PROPERTY & EQUIPMENT			4,229,553			4,335,474
OTHER ASSETS
Financing Costs			3,146,014			3,146,014
TOTAL OTHER ASSETS			3,146,014			3,146,014
TOTAL ASSETS		$	25,546,374		$	27,924,261
LIABILITIES AND OWNER EQUITY		BOOK VALUE AT END OF CURRENT REPORTING MONTH			BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable			1,013,917			1,033,336
Accrued Expenses			2,555,392			1,729,379
Accrued Clinical Expense			2,346,390			2,198,736
Vacation Payable			165,785			314,884
Employee FSA Medical			3,151			1,582
Employee FSA Dependent Care			3,322			2,070
Accrued Purchases			12,966			12,376
Accrued Audit Fees			605,848			487,270
Deferred Revenue			25,000			25,000
Refundable Credits			354,400			354,400
Asset Retirement Obligation			315,401			312,115
Rent/Leases - Building/Equipment
Professional Fees
Amounts Due to Insiders			21,000
TOTAL POST-PETITION LIABILITIES			7,422,572			6,471,148
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Accounts Payable - Pre-Petition			957,606			0
Bonds Payable			150,000,000			150,000,000
Accrued Severance			162,500			162,500
PIK Interest & Bonds			51,794,104			51,794,104
Bond Discount & Derivative			(7,976,199	)		(7,976,199	)
TOTAL PRE-PETITION LIABILITIES			194,938,011			193,980,405
TOTAL LIABILITIES

LIABILITIES AND OWNER EQUITY	BOOK VALUE AT END OF CURRENT REPORTING MONTH			BOOK VALUE ON PETITION DATE
OWNERS’ EQUITY
Common Stock		252,683			252,683
Additional Paid in Capital		184,092,866			183,847,457
Accumulated Deficit - Pre-Petition		(356,627,432	)		(356,627,432	)
Accumulated Deficit - Post-Petition		(4,532,326	)
NET OWNERS’ EQUITY		(176,814,209	)		(172,527,292	)
TOTAL LIABILITIES AND OWNERS’ EQUITY	$	25,546,374		$	27,924,261

MOR-4

The Monthly Operating Report (“MOR”) is unaudited and reflects the Debtor’s best efforts to report the assets and liabilities of the Debtor on an unconsolidated basis. The MOR neither purports to represent financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), nor is the MOR intended to fully reconcile to any such financial statements. The MOR does not constitute an admission of liability of the Debtor with respect to any item referenced.

The Debtor records general accruals for certain categories of liabilities that are estimates of anticipated aggregate liability that are not tied to particular invoices or vendors. Certain deferred charges, accounts or reserves indicated as “accrued” or “deferred” that relate to clinical trials, other contractual liabilities of the Debtor, and for GAAP reporting purposes are recorded on MOR-4. These deferred expenses do not represent any actual liability incurred, due or payable, are not claims against the Debtor as of the Petition Date or for the current reporting period, and may not result in any administrative expense liability.

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

PETITION DATE BALANCE SHEET RECONCILIATION

ASSETS	BOOK VALUE ON PETITION DATE			REVISED (w/ year end adjustments) BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Cash Equivalents	$	14,921,313		$	14,925,779
Restricted Cash and Cash Equivalents		520,995			520,995
Accounts Receivable (Net)		204,255			204,255
Notes Receivable
Inventories
Prepaid Expenses		1,720,015			1,708,993
Professional Retainers		1,990,119			1,990,119
Employee Advances		21,550			21,550
Deposits		1,071,082			1,071,082
TOTAL CURRENT ASSETS		20,449,329			20,442,773
PROPERTY & EQUIPMENT
Lab & Equipment		3,425,980			3,425,980
Furniture & Fixtures		328,467			328,467
Leasehold Improvements		838,407			838,407
Construction-In-Process		3,518,355			3,518,355
Less Accumulated Depreciation		(3,775,735	)		(3,775,735	)
TOTAL PROPERTY & EQUIPMENT		4,335,474			4,335,474
OTHER ASSETS
Financing Costs		3,146,014			3,146,014
TOTAL OTHER ASSETS		3,146,014			3,146,014
TOTAL ASSETS	$	27,930,817		$	27,924,261
LIABILITIES AND OWNER EQUITY	BOOK VALUE ON PETITION DATE			BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable		834,101			1,033,336
Accrued Expenses		1,729,379			1,729,379
Accrued Clinical Expense		2,198,736			2,198,736
Vacation Payable		314,884			314,884
Employee FSA Medical		1,582			1,582
Employee FSA Dependent Care		2,070			2,070
Accrued Purchases		12,376			12,376
Accrued Audit Fees		487,270			487,270
Deferred Revenue		25,000			25,000
Refundable Credits		354,400			354,400
Asset Retirement Obligation		312,115			312,115
Rent/Leases - Building/Equipment
Professional Fees
Amounts Due to Insiders
TOTAL POST-PETITION LIABILITIES		6,271,913			6,471,148
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Accounts Payable - Pre-Petition		0			0
Bonds Payable		150,000,000			150,000,000
Accrued Severance		162,500			162,500
PIK Interest & Bonds		51,794,104			51,794,104
Bond Discount & Derivative		(7,976,199	)		(7,976,199	)
TOTAL PRE-PETITION LIABILITIES		193,980,405			193,980,405
TOTAL LIABILITIES
OWNERS’ EQUITY
Common Stock		252,683			252,683
Additional Paid in Capital		183,847,458			183,847,457
Accumulated Deficit - Pre-Petition		(356,421,642	)		(356,627,432	)
Accumulated Deficit - Post-Petition
NET OWNERS’ EQUITY		(172,321,501	)		(172,527,292	)
TOTAL LIABILITIES AND OWNERS’ EQUITY	$	27,930,817		$	27,924,261

MOR-4 ADDENDUM

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	1/1/2011 - 1/31/2011

	Beginning Balance		Amount Withheld or Accrued			Amount Paid			Date Paid		Check No. or EFT		Ending Tax Liability
Post-Petition Taxes
FEDERAL
Income Tax Witholding		652.59		60,010.55			60,663.14			Various		EFT		—
FICA- Employee		519.29		20,302.24			20,821.53			Various		EFT		—
FICA- Employer		519.24		27,488.88			28,008.12			Various		EFT		—
Unemployment		—		1,652.87			1,652.87			Various		EFT		—
Income		—		—			—							—
Other- Cobra Premium Assistance		—		(4,543.95	)		(4,543.95	)		Various		EFT		—
Total Federal Taxes		1,691.12		104,910.59			106,601.71							—
STATE and LOCAL
Income Tax Witholding		704.99		15,567.53			16,272.52			Various		EFT		—
Sales		—												—
Excise		—												—
Real Property		—												—
Personal Property		—												—
Other- State Unemployment/Cobra Asst		—		23,530.54			23,530.54			Various		EFT		—
Total State and Local Taxes		704.99		39,098.07			39,803.06							—
Withholding for Employee Healthcare		—		8,533.76			8,533.76			1/13/2011		23846		—
Premiums, Pensions & Other Benefits		5,359.71		73,405.37			59,886.92			Various		EFT		18,878.16
Total Taxes				225,947.79			214,825.45							18,878.16
SUMMARY OF UNPAID POST-PETITION DEBTS	Current		0-30			31-60			61-90		Over 90		Total
Accounts Payable		981,740		32,177										1,013,917
Wages Payable		168,785												168,785
Taxes Payable		18,878												18,878
Rent/ Lease Payable- Building		—												—
Rent/ Lease Payable- Equipment		—												—
Secured Debt/ Adequate Protection Payments		—												—
Professional Fees		—												—
Amounts Due Insiders		21,000												21,000
Accrued Clinical Expenses		2,346,390												2,346,390
Accrued Expenses		2,539,987												2,539,987
Other (Deferred Revenue)		25,000												25,000
Other (Refundable Credits)		354,400												354,400
Other (Asset Retirement Obligation)		315,401												315,401
Other (Accrued Audit Fees and Purchases)		618,814												618,814
Total Post-petition Debts		7,390,395		32,177			—			—		—		7,422,572

MOR-5

Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	1/1/2011 - 1/31/2011

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

ACCOUNTS RECEIVABLE RECONCILIATION	AMOUNT
Total Accounts Receivable at the beginning of the period	$	505,207
+ Amounts Billed during the period	$	38,493
- Amounts collected during the period	$	—
Total Accounts Receivable at the end of the period	$	543,699
ACCOUNTS RECEIVABLE AGING	AMOUNT
0 - 30 days old	$	38,493
31 - 60 days old	$	265,134
61 - 90 days old	$	182,025
91+ days old	$	58,047
Total Accounts Receivable	$	543,699
Amount considered uncollectible	$	35,816
Accounts Receivable (Net)	$	507,883

MOR-6