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<SEC-DOCUMENT>0000930413-06-002281.txt : 20060323
<SEC-HEADER>0000930413-06-002281.hdr.sgml : 20060323
<ACCEPTANCE-DATETIME>20060323173004
ACCESSION NUMBER:		0000930413-06-002281
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060321
FILED AS OF DATE:		20060323
DATE AS OF CHANGE:		20060323

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GREAT POINT PARTNERS LLC
		CENTRAL INDEX KEY:			0001281446
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14732
		FILM NUMBER:		06706995

	MAIL ADDRESS:	
		STREET 1:		2 PICKWICK PLAZA
		STREET 2:		STE 450
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVANCED MAGNETICS INC
		CENTRAL INDEX KEY:			0000792977
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				042742593
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		61 MOONEY ST
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02138
		BUSINESS PHONE:		6174972070

	MAIL ADDRESS:	
		STREET 1:		61 MOONEY ST
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02138

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JAY JEFFREY R
		CENTRAL INDEX KEY:			0001239607

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14732
		FILM NUMBER:		06706996

	BUSINESS ADDRESS:	
		STREET 1:		WHITNEY & CO.
		STREET 2:		177 BROAD STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		203-971-3300

	MAIL ADDRESS:	
		STREET 1:		GREAT POINT PARTNERS, LLC
		STREET 2:		2 PICKWICK PLAZA, SUITE 450
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
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                    <value>30.80</value>
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    <footnotes>
        <footnote id="F1">Great Point Partners, LLC (&quot;Great Point&quot;) is the investment manager of Biomedical Value Fund, L.P. (&quot;BMVF&quot;) 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 (&quot;Dr. Jay&quot;), 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.</footnote>
    </footnotes>

    <remarks>Due to the maximum number of entries within an edgarized Form 4,
this is Part 1 of 2 submissions constituting one Form 4.</remarks>

    <ownerSignature>
        <signatureName>GREAT POINT PARTNERS, LLC By: /s/ Dr. Jeffrey R. Jay, M.D., as senior managing member</signatureName>
        <signatureDate>2006-03-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Dr. Jeffrey R. Jay, M.D.</signatureName>
        <signatureDate>2006-03-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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