SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Taconic Capital Advisors LP (Last) (First) (Middle) 450 PARK AVENUE 9TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/27/2010	3. Issuer Name and Ticker or Trading Symbol Molecular Insight Pharmaceuticals, Inc. [ MIPI ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Reference Footnote 1	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.01 per share	0(1)	I	See Footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant for Common Stock	11/16/2007	11/16/2012	Common Stock, par value $0.01 per share	762,691	$5.87	I	See Footnotes(2)(3)(4)

1. Name and Address of Reporting Person* Taconic Capital Advisors LP (Last) (First) (Middle) 450 PARK AVENUE 9TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Reference Footnote 1

1. Name and Address of Reporting Person* Taconic Associates LLC (Last) (First) (Middle) 450 PARK AVENUE, 9TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Reference Footnote 1

1. Name and Address of Reporting Person* Taconic Capital Advisors UK LLP (Last) (First) (Middle) 450 PARK AVENUE 9TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Reference Footnote 1

1. Name and Address of Reporting Person* BRODY KENNETH D (Last) (First) (Middle) 450 PARK AVENUE 9TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Reference Footnote 1

1. Name and Address of Reporting Person* BROSENS FRANK (Last) (First) (Middle) 450 PARK AVENUE 9TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Reference footnote 1

Explanation of Responses:

1. Not Applicable as Reporting Persons do not beneficially own any non-derivative securities of the Issuer. See Footnotes 2, 3 and 4.

2. The Reporting Persons may be deemed to be a member of a "group" with certain other holders of equity securities and/or derivative securities of the Issuer for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. If such a group were determined to exist, the members hold in the aggregate more than ten percent (10%) of the Issuer's equity securities. Each of the Reporting Persons disclaims the existence of such a group and disclaims beneficial ownership of any of the securities and/or derivative securities of the Issuer to which this Form 3 relates for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, except to the extent of such Reporting Person's pecuniary interest in the securities.

3. This Form 3 relates to the securities held for the account of the Taconic Opportunity Fund L.P. ("Taconic Opportunity Fund"). Taconic Capital Advisors L.P. ("Taconic Advisors") and Taconic Capital Advisors UK LLP ("Taconic Advisors UK") serve as the investment managers to the Taconic Opportunity Fund. Taconic Capital Performance Partners LLC ("Taconic Partners") serves as the general partner to Taconic Advisors. Taconic Associates LLC ("Taconic Associates") serves as the general partner to the Taconic Opportunity Fund.

4. Mr. Brody is a principal of Taconic Advisors, a director of Taconic Capital Services UK Ltd., the managing member of Taconic Advisors UK, and a manager of Taconic Partners and Taconic Associates. Mr. Brosens is a principal of Taconic Advisors, a director of Taconic Capital Services UK Ltd., the manager member of Taconic Advisors UK, and a manager of Taconic Partners and Taconic Associates. As such, Taconic Advisors, Taconic Advisors UK, Taconic Associates, Mr. Brody, and Mr. Brosens may be deemed to have voting and dispositive power over the securities held for the account of the Taconic Opportunity Fund.

Remarks:

	TACONIC CAPITAL ADVISORS L.P. By: /s/ Kenneth D. Brody	07/01/2010
	TACONIC CAPITAL ADVISORS UK LLP By: /s/ Kenneth D. Brody	07/01/2010
	TACONIC ASSOCIATES LLC By: /s/ Kenneth D. Brody	07/01/2010
	KENNETH D. BRODY By: /s/ Kenneth D. Brody	07/01/2010
	FRANK P. BROSENS By: /s/ Frank P. Brosens	07/01/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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