HTTP 500.Error processing request

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Below is the error I am getting when I run .csproj using Xamarin Studio in mac machine. Please help me to resolve this issue.

Application Exception
System.MissingMethodException
Method 'HttpApplication.RegisterModule' not found.

Description: HTTP 500.Error processing request.
Details: Non-web exception. Exception origin (name of application or object): mscorlib.
Exception stack trace:
  at (wrapper managed-to-native) System.Reflection.MonoMethod:InternalInvoke (System.Reflection.MonoMethod,object,object[],System.Exception&)
  at System.Reflection.MonoMethod.Invoke (System.Object obj, BindingFlags invokeAttr, System.Reflection.Binder binder, System.Object[] parameters, System.Globalization.CultureInfo culture) [0x00054] in /private/tmp/source-mono-mac-4.0.0-branch/bockbuild-mono-4.0.0-branch/profiles/mono-mac-xamarin/build-root/mono-4.0.1/mcs/class/corlib/System.Reflection/MonoMethod.cs:230 
Version Information: 4.0.1 ((detached/ed1d3ec Tue May 26 17:22:37 EDT 2015); ASP.NET Version: 4.0.30319.17020
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