2015 Institute of Physics and Engineering in Medicine. An advantage of semiconductor-based dedicated cardiac single photon emission computed tomography (SPECT) cameras when compared to conventional Anger cameras is superior energy resolution. This provides the potential for improved separation of the photopeaks in dual radionuclide imaging, such as combined use of 99mTc and 123I . There is, however, the added complexity of tailing effects in the detectors that must be accounted for. In this paper we present a model-based correction algorithm which extracts the useful primary counts of 99mTc and 123I from projection data. Equations describing the in-patient scatter and tailing effects in the detectors are iteratively solved for both radionuclides simultaneously using a maximum a posteriori probability algorithm with one-step-late evaluation. Energy window-dependent parameters for the equations describing in-patient scatter are estimated using Monte Carlo simulations. Parameters for the equations describing tailing effects are estimated using virtually scatter-free experimental measurements on a dedicated cardiac SPECT camera with CdZnTe-detectors. When applied to a phantom study with both 99mTc and 123I, results show that the estimated spatial distribution of events from 99mTc in the 99mTc photopeak energy window is very similar to that measured in a single 99mTc phantom study. The extracted images of primary events display increased cold lesion contrasts for both 99mTc and 123I.