ADVANCED MAGNETICS OF CAMBRIDGE, MASS., TRADES UP FROM OTC TO THE AMERICAN STOCK EXCHANGE
ADVANCED MAGNETICS OF CAMBRIDGE, MASS.,
TRADES UP FROM OTC TO THE AMERICAN STOCK EXCHANGE
NEW YORK, Nov. 20, /PRNewswire/ -- The American Stock Exchange announced today that Advanced Magnetics, Inc. of Cambridge, Mass., began trading 5,618,146 shares of common stock. Trading under ticker symbol MIT, the stock opened on 600 shares at 18.
Advanced Magnetics 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. The company's in-vitro product line is composed of research products and magnetic particles which have applications in such areas as cell sorting and DNA probe separation, as well as pharmaceutical development.
For the fiscal year ended Sept. 30, 1991, Advanced Magnetics reported a net loss of $3.58 million on total revenues of $12.18 million, compared to net income of $480 thousand on total revenues of $9.31 million for the same period last year. The company attributes the loss in fiscal 1991 to a one time pre-tax charge of $6.25 million for the buyback of the rights, title, and interest of Merrill Lynch Technology Ventures, L.P. in Advanced Magnetics Joint Venture.
The American Stock Exchange is the second largest securities exchange in the United States and the largest American exchange with significant markets in both equities and derivative products. Today, it is an international institution on the cutting edge of trading floor technology, new product development and expansion into world markets through system linkages and globally traded products.
/CONTACT: Lisa Neuner of American Stock Exchange, 212-306-2028/
(MIT) CO: Advanced Magnetics, Inc. ST: Massachusetts IN: MTC SU: SM -- NY059 -- 5466 11/20/91 13:17 EST