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ADVANCED MAGNETICS ANNOUNCES FILING OF INVESTIGATIONAL NEW DRUG APPLICATION

 ADVANCED MAGNETICS ANNOUNCES FILING
 OF INVESTIGATIONAL NEW DRUG APPLICATION
 CAMBRIDGE, Mass., Feb. 4 /PRNewswire/ -- Advanced Magnetics, Inc. (AMEX: AVM) announced today that its licensee, Squibb Diagnostics, a division of Bristol-Myers Squibb Co., has filed an Investigational New Drug Application (IND) with the U.S. Food and Drug Administration (FDA). The IND covers AMI-227, a new magnetic resonance imaging (MRI) contrast agent intended for the imaging of blood perfusion in the heart, brain and other organs, as well as the imaging of metastatic disease (cancer) in the lymphatic system. Phase I human clinical studies will begin after the expiration of the statutory 30-day waiting period, if there is no objection by the FDA.
 As previously disclosed, Advanced Magnetics received the $1 million milestone payment from Squibb Diagnostics associated with this IND filing in the fiscal quarter ended Dec. 31, 1991.
 Advanced Magnetics, Inc. is a medical diagnostics company involved in the development and manufacturing of MRI contrast agents for diagnosis of cancer and other diseases; drug delivery and cell separation systems; and in vitro clinical laboratory and biomedical research products.
 -0- 2/4/92
 /CONTACT: Jerome Goldstein, president, or Anthony Annese, vice president of finance, of Advanced Magnetics, 617-497-2070/
 (AVM) CO: Advanced Magnetics, Inc. ST: Massachusetts IN: MTC SU:


EG-SH -- NE013 -- 6709 02/04/92 12:42 EST
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Date:Feb 4, 1992
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