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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000930413-06-002282.txt : 20060323
<SEC-HEADER>0000930413-06-002282.hdr.sgml : 20060323
<ACCEPTANCE-DATETIME>20060323173121
ACCESSION NUMBER:		0000930413-06-002282
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:		06707004

	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:		06707005

	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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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>52630</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Great Point Partners, LLC (&quot;Great Point&quot;) is the investment manager of Biomedical Offshore Value Fund, Ltd. (&quot;BOVF&quot;) 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 (&quot;Dr. Jay&quot;), 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.</footnote>
        <footnote id="F2">Securities held directly by Dr. Jay.  None of Biomedical  Value Fund, L.P., BOVF or Great Point has any pecuniary interest in
 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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