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ADVANCED MAGNETICS, INC. REPORTS FISCAL 1991 RESULTS

 ADVANCED MAGNETICS, INC. REPORTS FISCAL 1991 RESULTS
 CAMBRIDGE, Mass., Nov. 7 /PRNewswire/ -- Advanced Magnetics, Inc.


(NASDAQ: ADMG) announced today that it achieved record revenues in the fiscal year ended Sept. 30, 1991.
 Revenues for fiscal 1991 increased 31 percent to $12,188,000 from $9,312,000 in fiscal 1990. As previously announced, the company took a one time pre-tax charge of $6,250,000 in the fourth fiscal quarter ended Sept. 30, 1991 for the buyback of the rights, title, and interest of Merrill Lynch Technology Ventures, L.P. (MLTV) in Advanced Magnetics Joint Venture. The company realized a net loss of $3,590,000 or 70 cents per share for fiscal 1991 compared to a net income in fiscal 1990 of $480,000 or 10 cents per share (adjusted for the 1991 3-for-2 stock dividend).
 Revenues for the fourth quarter ended Sept. 30, 1991 were $1,924,000 compared with revenues of $2,386,000 for the same period last year. The charge for the purchase of the Advanced Magnetics Joint Venture resulted in a net loss of $5,774,000 or $1.05 per share for the fourth quarter of 1991 compared to a net income of $211,000 or 4 cents per share for the fourth quarter of 1990 (adjusted for the 1991 3-for-2 stock dividend).
 The increase in revenues for fiscal 1991, was due, in part, to $4 million in license fees received from Squibb Diagnostics, a division of Bristol-Myers Squibb Company under a licensing and technology agreement covering two of AMI's contrast agents for magnetic resonance imaging (MRI). Also contributing to the increase in revenues was a 19 percent increase in in-vitro product sales over last year.
 Jerome Goldstein, company president, stated: "The execution of the buyback of our joint venture partnership with MLTV was a desirable step in the company's long-term plans for the diagnostic pharmaceuticals division of AMI."
 Advanced Magnetics, Inc. is a medical diagnostics company involved in the development and manufacturing of contrast agents for magnetic resonance imaging and products for in-vitro clinical and research use based on proprietary magnetic colloid technology.
 ADVANCED MAGNETICS, INC.
 CONDENSED, COMSOLIDATED INCOME STATEMENTS
 YEAR ENDED SEPT. 30, 1991
 (Audited)
 Quarter ended 9/30 Year ended 9/30
 1991 1990 1991 1990
 Revenues:
 License $--- $615,000 $4,000,000 $2,465,000
 Product
 sales 1,086,308 929,330 3,835,692 3,233,319
 Contract
 R&D and
 other 837,787 841,874 4,351,990 3,613,392
 Total
 revenues $1,924,095 $2,386,204 $12,187,682 $9,311,711
 Cost and
 expenses:
 Cost of
 product
 sales 441,727 456,877 1,704,522 1,469,904
 R&D 1,857,846 1,244,420 5,643,001 5,216,677
 Selling,
 general &
 admin. 778,862 499,569 2,592,792 2,047,949
 Charge for
 purchase of
 joint vent.
 R&D 6,250,375 ---- 6,250,375 ----
 Total costs
 & expend. 9,328,810 2,200,866 16,190,690 8,734,530
 Minority
 interest
 in joint
 venture --- (3,549) --- 200,451
 Income tax
 provision
 (benefit
 due to loss
 carryback(1,631,100) (21,631) (413,300) (104,100)
 Net income
 (loss) $(5,773,615) $210,518 $(3,589,708) $480,830
 Net income
 (loss) per
 share $(1.05) 4 cents(a) (70 cents) 10 cents(a)
 Weighted
 average no.
 of shares
 used in
 computing
 per share
 amounts 5,473,715 5,224,653(a) 5,140,670 5,049,891(a)
 ----
 NOTE: (a) Adjusted for the 1991 3-for-2 stock dividend
 SELECTED FINANCIAL DATA
 Cash and short-term investments $17,969,293 $16,250,872
 Accounts receivable 1,317,800 1,480,312
 Inventories 1,183,724 999,325
 Property, plant and equip., net 4,390,529 4,427,700
 Other assets 901,318 1,196,490
 Total assets 25,762,664 24,354,699
 Total liabilities 1,302,639 1,443,975
 Total shareholder's equity 24,460,025 22,910,724
 -0- 11/7/91
 /CONTACT: Jerome Goldstein, president or Anthony Annese, vice president - finance, both of Advanced magnetics, 617-497-2070/
 (ADMG) CO: Advanced Magnetics, Inc. ST: Massachusetts IN: MTC SU: ERN KM-DD -- NE012 -- 2200 11/07/91 12:04 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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