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Advanced Magnetics, Inc. Signs Distribution Agreement with Pharmagenesis, Inc. for Feridex I.V.(TM) Liver Contrast Agent

Feridex I.V. to be Sold in the People's Republic of China and Taiwan

CAMBRIDGE, Mass., Nov. 25 /PRNewswire/ -- Advanced Magnetics, Inc. (AMEX: AVM) today announced that it has signed an agreement with Pharmagenesis, Inc. of Palo Alto, California, for the exclusive distribution in the People's Republic of China and Taiwan of Feridex I.V.(TM), the Company's contrast agent for magnetic resonance imaging (MRI) of liver lesions.

"The establishment of this agreement signifies our continued efforts to introduce Feridex I.V. to the international marketplace and our ability to provide these new markets with a high quality product," stated Jerome Goldstein, President and CEO of Advanced Magnetics. "The demand in Asia for organ-specific liver MRI contrast agents is expected to be robust. We are excited to be working with Pharmagenesis in addressing this opportunity." The Company also has distribution agreements in place for Feridex I.V. in the United States, Japan, South Korea, Europe and Brazil.

"The addition of Feridex I.V. to our portfolio of products represents a unique business opportunity for Pharmagenesis", stated Robert Tidwell, General Manager and Vice President of Pharmagenesis. "Our partnership with Advanced Magnetics gives us the opportunity to build an in vivo imaging business with Feridex I.V. as the centerpiece."

Under the agreement, Pharmagenesis has the responsibility to obtain and maintain government registrations, in the territories, to market and sell Feridex I.V.

Advanced Magnetics, Inc. is a pharmaceutical company involved in the development and manufacture of MRI contrast agents for the diagnosis of cancer and other diseases as well as the development of targeted therapeutics for the treatment of liver diseases and other organ-specific diseases.

Pharmagenesis, Inc., of Palo Alto, California, develops novel pharmaceuticals derived from herbal remedies employed in traditional Chinese medicine, a tradition that spans over 4,000 years of use. Established in 1991, the privately-held company is focused on treatments for cancer therapy- related bone-marrow suppression and for the management of transplant rejection for both solid organs and bone marrow. Through its operations in Beijing, Suzhou, and Taipei, these and other products are being commercialized initially in the high-growth markets of China and Taiwan.

SOURCE Advanced Magnetics, Inc.
 -0- 11/25/96

/CONTACT: Jerome Goldstein, President and CEO of Advanced Magnetics, Inc., 617-354-3929 or Robert Tidwell, General Manager, Vice President of Pharmagenesis, Inc., 415-842-7060 x2110 or Marcia Kean or Lisa Goldstein of Feinstein Partners Inc., 617-577-8110/


CO: Advanced Magnetics, Inc.; Pharmagenesis, Inc. ST: Massachusetts, California IN: MTC SU:

JL -- NEM036 -- 3764 11/25/96 12:54 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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