X0202 4 2006-03-21 1 0000792977 ADVANCED MAGNETICS INC AVM 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 165 MASON STREET, 3RD FLOOR GREENWICH CT 06830 0 0 1 0 Common Stock 2006-03-21 4 S 0 240 30.69 D 516442 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 720 31.10 D 515722 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 240 31.00 D 515482 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 240 31.05 D 515242 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 48 30.76 D 515194 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 96 30.75 D 515098 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 144 30.74 D 514954 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 48 30.70 D 514906 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 144 30.50 D 514762 I By Biomedical Value Fund, L.P. Common Stock 2006-03-21 4 S 0 480 30.60 D 514282 I By Biomedical Value Fund, L.P. Common Stock 2006-03-22 4 S 0 480 30.56 D 513802 I By Biomedical Value Fund, L.P. Common Stock 2006-03-22 4 S 0 166 30.61 D 513636 I By Biomedical Value Fund, L.P. Common Stock 2006-03-22 4 S 0 794 30.60 D 512842 I By Biomedical Value Fund, L.P. Common Stock 2006-03-22 4 S 0 192960 30.70 D 319882 I By Biomedical Value Fund, L.P. Common Stock 2006-03-22 4 S 0 480 30.72 D 319402 I By Biomedical Value Fund, L.P. Common Stock 2006-03-22 4 S 0 480 30.80 D 318922 I By Biomedical 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. Due to the maximum number of entries within an edgarized Form 4, this is Part 1 of 2 submissions constituting one Form 4. GREAT POINT PARTNERS, LLC By: /s/ Dr. Jeffrey R. Jay, M.D., as senior managing member 2006-03-23 /s/ Dr. Jeffrey R. Jay, M.D. 2006-03-23