AVM Advanced Magnetics

CAMBRIDGE, Mass., April 24 /PRNewswire-FirstCall/ -- Advanced Magnetics, Inc. (AMEX:AVM) today announced the appointment of Gerald L. Wolf, PhD, MD as the company's Vice President of Imaging. Dr. Wolf joins Advanced Magnetics from his position as Medical Director of Perceptive Informatics, Inc. Dr. Wolf has also held positions as President and Medical Director of the Pittsburgh NMR Institute and Director of the Center for Imaging and Pharmaceutical Research at Massachusetts General Hospital. He is also an Emeritus Professor of Radiology at Harvard Medical School. In this new position, Dr. Wolf will assume responsibility for the regulatory and strategic plan for the company's continued development of Combidex(R) to aid in the differentiation of cancerous from normal lymph nodes and ferumoxytol as a magnetic resonance imaging agent in vascular imaging. "We are pleased and excited that an individual of Dr. Wolf's extensive experience and impeccable reputation in the diagnostic imaging community has agreed to aid us in bringing our unique imaging agents to the medical and patient communities," stated Jerome Goldstein, Chairman and CEO of Advanced Magnetics, Inc. "Dr. Wolf brings a depth and breadth of knowledge that will be invaluable to us as we move our imaging programs forward." "Dr. Wolf will assume a key leadership role in helping us successfully complete the development of Combidex(R) and laying out our development strategy for ferumoxytol as an imaging agent," added Brian J.G. Pereira, MD, President of Advanced Magnetics. Ferumoxytol, the company's key product candidate, is in Phase III multi-center clinical trials for use as an iron replacement therapeutic in chronic kidney disease patients, whether or not on dialysis. The company has completed Phase II studies for ferumoxytol as a magnetic resonance angiography contrast agent. Combidex, the company's other product under development, is an investigational functional molecular imaging agent consisting of iron oxide nanoparticles for use in conjunction with magnetic resonance imaging, or MRI, to aid in the differentiation of cancerous from normal lymph nodes. In March 2005, the company received an approvable letter from the FDA with respect to Combidex, subject to certain conditions. About Advanced Magnetics Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide nanoparticles used in pharmaceutical products. As a leader in our field, we are dedicated to the development and commercialization of our proprietary nanoparticle technology for use in therapeutic iron compounds to treat anemia, as well as novel imaging agents to aid in the diagnosis of cardiovascular disease and cancer. For more information about us, please visit our website at http://www.advancedmagnetics.com/, the content of which is not part of this press release. This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Any statements contained in this press release that do not describe historical facts, including but not limited to, statements regarding our ability to bring our unique imaging agents to the medical and patient communities, the contributions Dr. Wolf will make in moving our imaging programs forward and successfully completing the development of Combidex(R) and laying out our regulatory strategy for ferumoxytol as an imaging agent, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include the following: (1) the possibility that we may not be able to successfully complete the clinical development of Combidex(R) or ferumoxytol as an imaging agent, or may not be able to complete the development in a timely or cost- effective manner; (2) uncertainties surrounding the timing and results of FDA interactions regarding the clinical development of Combidex(R) or ferumoxytol as an imaging agent and our ability to obtain regulatory approval for such products from the FDA; (3) the possibility that the results of past studies may not be replicated in future studies; (4) uncertainties surrounding the outcome of our ongoing litigation with Cytogen Corporation; (5) uncertainties relating to patents and proprietary rights; and (6) other risks identified in our Securities and Exchange Commission filings. We caution readers not to place undue reliance on any forward-looking statements which speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Contact: Lisa Gordon VP of Business Development Advanced Magnetics, Inc. (617) 498-3321 DATASOURCE: Advanced Magnetics, Inc. CONTACT: Lisa Gordon, VP of Business Development of Advanced Magnetics, Inc., +1-617- 498-3321, Web site: http://www.advancedmagnetics.com/

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