X0202 4 2006-03-15 0 0000792977 ADVANCED MAGNETICS INC AMV 0001281446 GREAT POINT PARTNERS LLC 165 MASON STREET 3RD FLOOR GREENWICH CT 06830 0 0 1 0 0001239607 JAY JEFFREY R GREAT POINT PARTNERS, LLC 2 PICKWICK PLAZA, SUITE 450 GREENWICH CT 06830 0 0 1 0 Common Stock 2006-03-16 4 S 0 1440 30.39 D 581290 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 960 30.47 D 580330 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 480 30.49 D 579850 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 1920 30.6 D 577930 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 960 30.7 D 576970 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 480 30.52 D 576490 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 480 30.5 D 576010 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 480 30.55 D 573530 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 1440 30.65 D 574090 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 480 30.75 D 573610 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 480 30.8 D 573130 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 960 30.85 D 572170 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 960 30.95 D 571210 I By Biomedical Value Fund, L.P. Common Stock 2006-03-16 4 S 0 1488 31 D 569722 I By Biomedical Value Fund, L.P. Common Stock 2006-03-15 4 S 0 2028 29.4 D 678332 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 4524 29.35 D 673808 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 104 29.37 D 673704 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 728 29.45 D 672976 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 104 29.36 D 672872 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 312 29.33 D 672560 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 520 29.30 D 672040 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 780 29.41 D 671260 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 624 29.48 D 670636 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 676 29.49 D 669960 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 520 29.6 D 669440 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-15 4 S 0 2080 29.5 D 667360 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-16 4 S 0 520 29.76 D 666840 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-16 4 S 0 520 29.8 D 666320 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-16 4 S 0 1040 29.9 D 665280 I By Biomedical Offshore Value Fund, L.P. Common Stock 2006-03-16 4 S 0 520 29.95 D 664760 I By Biomedical Offshore Value Fund, L.P. Great Point Partners, LLC ("Great Point") is the investment manager of Biomedical Value Fund, L.P. ("BMVF") and by virtue of such status may be deemed to be the beneficial owner of the shares held by BMVF. Dr. Jeffrey R. Jay, M.D., as senior managing member of Great Point ("Dr. Jay"), has voting and investment power with respect to the shares held by BMVF and may be deemed to be the beneficial owner of the shares held by BMVF. Great Point and Dr. Jay disclaim beneficial ownership of the shares held by BMVF, except to the extent of any pecuniary interest, and this report shall not be deemed to be an admission that they are the beneficial owners of such securities. Great Point is the investment manager of Biomedical Offshore Value Fund, Ltd. ("BOVF") and by virtue of such status may be deemed to be the beneficial owner of the shares held by BOVF. Dr. Jay, as senior managing member of Great Point, has voting and investment power with respect to the shares held by BOVF and may be deemed to be the beneficial owner of the shares held by BOVF. Great Point and Dr. Jay disclaim beneficial ownership of the shares held by BOVF, except to the extent of any pecuniary interest, and this report shall not be deemed to be an admission that they are the beneficial owners of such securities. Due to the maximum number of entries permitted within an edgarized Form 4, this is Part 2 of 3 submissions constituting one Form 4. GREAT POINT PARTNERS, LLC By: /s/ Jeffrey R. Jay, M.D., as senior managing member 2006-03-17 /s/ Jeffrey R. Jay, M.D. 2006-03-17