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 0 260 30.69 D 575268 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 780 31.10 D 574488 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 260 31.00 D 574228 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 260 31.05 D 573968 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 52 30.76 D 573916 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 104 30.75 D 573812 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 156 30.74 D 573656 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 52 30.70 D 573604 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 156 30.50 D 573448 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-21 4 S 0 520 30.60 D 572928 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-22 4 S 0 520 30.56 D 572408 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-22 4 S 0 179 30.61 D 572229 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-22 4 S 0 861 30.60 D 571368 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-22 4 S 0 209040 30.70 D 362328 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-22 4 S 0 520 30.72 D 361808 I By Biomedical Offshore Value Fund, Ltd. Common Stock 2006-03-22 4 S 0 520 30.80 D 361288 I By Biomedical Offshore Value Fund, Ltd. Common Stock 52630 D Great Point Partners, LLC ("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. 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 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. Securities held directly by Dr. Jay. None of Biomedical Value Fund, L.P., BOVF or Great Point has any pecuniary interest in 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