-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N+fMKvW1GwlOqoQToMvxl/mJVxjOLRqeWDfXkQYIT6XfiltN+ZV7xZ/tKXy4QUOo LSz4WO4Mae+0igeHSqnyXw== 0001104659-04-001252.txt : 20040120 0001104659-04-001252.hdr.sgml : 20040119 20040120104149 ACCESSION NUMBER: 0001104659-04-001252 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040116 ITEM INFORMATION: FILED AS OF DATE: 20040120 FILER: 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 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14732 FILM NUMBER: 04531402 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 8-K 1 a04-1351_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):  January 20, 2004 (January 16, 2004)

 

ADVANCED MAGNETICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

Commission File No. 0-14732

 

04-2742593

(State or other jurisdiction
of incorporation)

 

 

 

(I.R.S. Employer
Identification No.)

 

 

 

 

 

61 Mooney Street
Cambridge, Massachusetts

 

02138

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (617) 497-2070

 

 

 

Item 12.  Results of Operations and Financial Condition.

 

The following information, including the Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

On January 16, 2004, Advanced Magnetics, Inc. announced its financial results for the first fiscal quarter of 2004 ended December 31, 2003.  A copy of the press release is attached hereto as Exhibit 99.1.

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ADVANCED MAGNETICS, INC.

 

 

 

 

 

By:

 /s/ James A. Matheson

 

 

Name:  James A. Matheson

 

Title: Vice President of Finance

 

 

 

 

Dated:  January 20, 2004

 

 

3

 

EXHIBIT INDEX

 

Exhibit Number
 
Description

 

 

 

99.1

 

Press Release dated January 16, 2004

 

4

 EX-99.1 3 a04-1351_1ex99d1.htm EX-99.1
Exhibit 99.1

 

Contact:

Lisa Gordon, Director of

  Investor Relations

Advanced Magnetics, Inc.

(617) 497-2070

 

For Immediate Release

 

ADVANCED MAGNETICS, INC. REPORTS FIRST FISCAL QUARTER OF 2004 RESULTS

 

Cambridge, Massachusetts, January 16, 2004 — Advanced Magnetics, Inc. (AMEX: AVM) today announced its operating results and revenues for the first quarter of fiscal 2004 ended December 31, 2003.  Revenues for the quarter were $631,964 as compared to revenues of $1,555,794 for the same period in fiscal 2003.  There was a net loss of ($940,700), or ($0.12) per share, for the period as compared to a net loss of ($365,521), or ($0.05) per share, for the same period in fiscal 2003.  The decrease in revenue in the first fiscal quarter of 2004 is primarily the result of a decrease in the recognition of deferred license fee revenue from a license and marketing agreement signed with Cytogen Corporation in August 2000.  License fees associated with the Cytogen agreement are being recognized over the development period based on costs incurred and expected remaining expenditures related to this agreement.

 

“We look forward to an exciting and positive year for the Company in fiscal 2004,” stated Jerome Goldstein, Chairman, President and CEO of Advanced Magnetics.  “During 2004 we expect to initiate Phase III clinical trials of ferumoxytol for use as an iron replacement therapeutic in chronic kidney disease patients receiving erythropoietin therapy. In addition, we remain committed to appropriately and positively resolving our discussions with the U.S. Food and Drug Administration regarding Combidex®, our lymph node imaging agent, in order to bring Combidex to market.”

 

Advanced Magnetics, Inc. is the premier developer of superparamagnetic iron oxide nanoparticles used in pharmaceutical products.  As a leader in its field, Advanced Magnetics is dedicated to the development and commercialization of its 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 Advanced Magnetics, please visit the company’s website at www.advancedmagnetics.com, which is not part of this press release.

 

This document contains forward-looking statements.  Any statements contained in this press release that do not describe historical facts 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: the timing and results of product development efforts with respect to ferumoxytol; the timing and results of FDA interactions regarding the clinical development of ferumoxytol; uncertainties regarding clinical studies; uncertainties related to the Company’s ability to resolve the outstanding issues from the approvable letter received from the FDA for Combidex; the timing and results of FDA actions regarding Combidex; uncertainties relating to patents and proprietary rights; and other risks identified in Advanced Magnetics, Inc.’s Securities and Exchange Commission filings.  The Company cautions readers not to place undue reliance on any forward-looking statements which speak only as of the date they are made.  Advanced Magnetics disclaims 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.

 

- financial table to follow -

 

 

ADVANCED MAGNETICS, INC.

CONDENSED INCOME STATEMENT FOR THE THREE-MONTH PERIOD

ENDED DECEMBER 31, 2003

(unaudited)

 

 

 

Three Months
Ended December 31,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

Revenues

 

$

631,964

 

$

1,555,794

 

Costs and expenses

 

(1,582,749

)

(1,343,709

)

Other income (expense)*

 

10,085

 

(577,606

)

Net income (loss)

 

$

(940,700

)

$

(365,521

)

Earnings (loss) per share:

 

 

 

 

 

Basic

 

$

(0.12

)

$

(0.05

)

Diluted

 

$

(0.12

)

$

(0.05

)

Weighted average shares outstanding used to calculate earnings (loss) per share:

 

 

 

 

 

Basic

 

7,767,101

 

6,652,580

 

Diluted

 

7,767,101

 

6,652,580

 

 

* Other income (expense) consists of interest and dividend income and net gains (losses) on sales of securities and write-down of marketable securities.

 

BALANCE SHEET DATA

 

 

 

12/31/03

 

9/30/03

 

Working capital

 

$

20,626,621

 

$

22,579,478

 

Total assets

 

$

28,036,583

 

$

29,365,613

 

Shareholders’ equity

 

$

20,076,314

 

$

20,918,075

 

 

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