This Week's IPOs II: Molecular Insight Pharma, XTENT

In addition to five other IPOs, there are two biotech companies going public this week: Molecular Insight Pharmaceuticals (MIPI), a biotech company focused on fighting disease through molecular medicine; and XTENT (XTNT), which produced custom made drug-eluding heart stents.

All quotations are from the companies' most recent S-1 filings with links provided for each company.

MOLECULAR INSIGHT PHARMACEUTICALS (MIPI)
Business Overview (from prospectus)

We are a biopharmaceutical company specializing in the emerging field of molecular medicine, applying innovations in the identification and targeting of disease at the molecular level to improve patient healthcare by addressing significant unmet medical needs. We are focused on discovering, developing and commercializing innovative and targeted radiotherapeutics and molecular imaging pharmaceuticals with initial applications in the areas of oncology and cardiology. Radiotherapeutics are radioactive drugs, or radiopharmaceuticals, that are systemically administered and selectively target cancer cells to deliver radiation for therapeutic benefit. This ability to selectively target cancer cells allows therapeutic radiation to be delivered to tumors while minimizing radiation exposure to normal tissues.

Offering:5 million shares at $14-16 per share. Net proceeds of approximately $67.0 million will be used for R&D, manufacturing, marketing and other commercialization purposes in addition to possible investment or expansion purposes.

Lead Underwriters: RBC Capital Markets, Jefferies

Financial Highlights:

Revenue — Research and Development Grants. Revenue decreased by $475,000, or 70%, to $206,000 for the nine months ended September 30, 2006 from $681,000 for the nine months ended September 30, 2005. During each of the 2006 and 2005 periods we received funding under eight grants with the majority of effort and reimbursable expenses incurred in the 2005 period... Research and development expense increased $5.4 million, or 86%, to $11.7 million for the nine months ended September 30, 2006 from $6.3 million for the nine months ended September 30, 2005...General and administrative expense increased $1.4 million, or 23%, to $7.4 million for the nine months ended September 30, 2006 from $6.0 million for the nine months ended September 30, 2005.

XTENT (XTNT)
Business Overview (from prospectus)

We are a development stage medical device company focused on developing and commercializing our innovative customizable drug eluting stent systems for the treatment of coronary artery disease, or CAD. Our drug eluting stent systems are designed to enable physicians to customize both length and diameter of the stent at the site of the diseased section of the artery, or lesion, which we refer to as in-situ customization. Our stent systems are designed to treat longer lesions than currently available drug eluting stents and multiple lesions with the use of a single device. Our stent systems, the Custom NX 36 and the Custom NX 60, incorporate a modular cobalt chromium stent design as well as a proprietary delivery system. In addition, our stents have a drug coating that is made up of Biolimus A9, an anti-inflammatory drug, and PolyLactic Acid, a biodegradable polymer, which in combination are intended to reduce the incidence of restenosis, or renarrowing of the previously treated artery over time. We believe our technology, if approved by regulatory authorities, will enable us to compete in the approximately $5.3 billion worldwide drug eluting stent market.

Offering: 4.7 million shares at $16-18 per share. Net proceeds of approximately $72.2 million will be used to fund clinical trials, R&D and the building of commercial infrastructure, including sales, marketing and manufacturing capacity expansion.

Lead Underwriters: Piper Jaffray, Lazard

Financial Highlights:

We did not generate any revenue during the nine months ended September 30, 2005 or 2006...Research and development expenses were $9.0 million for the nine months ended September 30, 2005, compared to $13.4 million for the nine months ended September 30, 2006.