That's kind of like when your vacuum cleaner instructions say that the cord contains lead. I know it contains lead - I wash my hands after vacuuming, just in case - but it's dangerous because it accumulates over time and it's dangerous if you ingest a lot of it. Methylchloroisothiazoline is a preservative that is only used as less than 1% in products. The study (on lab rats?) says it's dangerous but it doesn't say anything about how much preservative they gave to the rats.
Before freaking out about this product, I also would look at the scientific credibility of that web site (it also links to religious fundamentalist groups and apocalyptics). I would avoid this ingredient if possible, but if I can't avoid it then I wouldn't lose sleep over it.
There are many other things in the world that can kill you : cigarettes, cars, copious amounts of creme brulee, etc.
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