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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      S-8</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>REGISTRATION
      STATEMENT</strong>&#160;<strong>UNDER THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      ACT OF 1933</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>ADVANCED
      MAGNETICS, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
      name of registrant as specified in its charter)</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

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            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Delaware</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(State
                or Other Jurisdiction of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporation
                or Organization)</font></div>
            </td>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>04-2742593</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Identification
                No.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="56%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>125
                CambridgePark Drive, 6<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>
                Floor
                Cambridge, Massachusetts</strong></font></div>
            </td>
            <td valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>02140</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="56%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Address
                of Principal Executive Offices)</font></div>
            </td>
            <td valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Advanced
      Magnetics, Inc. 2006 Employee Stock Purchase Plan</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Full
      Title of the Plan)</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

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            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Brian
                J.G. Pereira, MD</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Executive Officer and President</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Advanced
                Magnetics, Inc.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">125
                CambridgePark Drive, 6<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>
                Floor</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Cambridge,
                Massachusetts 02140</font></div>
            </td>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>COPY
                TO:</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Miguel
                J. Vega, Esq.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Sullivan
                &amp; Worcester LLP</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">One
                Post Office Square</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Boston,
                Massachusetts 02109</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Name,
      and Address of Agent For Service)</font></div>
    <div><br></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(617)
                498-3300</font></div>
            </td>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(617)
                338-2448</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Telephone
      Number, Including Area Code, of Agent For Service)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CALCULATION
      OF REGISTRATION FEE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="21%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Title
                of Each Class </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>of
                Securities </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>to
                be Registered</strong></font></div>
            </td>
            <td valign="bottom" width="13%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Amount
                to be </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Registered(1)</strong></font></div>
            </td>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Proposed
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Maximum
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Offering
                Price </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Per
                Share(2)</strong></font></div>
            </td>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Proposed
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Maximum
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Aggregate
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Offering
                Price</strong></font></div>
            </td>
            <td valign="bottom" width="16%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Amount
                of </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Registration
                Fee</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Common
                Stock, $0.01 par value per share</font></div>
            </td>
            <td valign="middle" width="13%" style="BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">100,000</font></div>
            </td>
            <td valign="middle" width="14%" style="BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$64.40</font></div>
            </td>
            <td valign="middle" width="15%" style="BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$6,440,000</font></div>
            </td>
            <td valign="middle" width="16%" style="BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$198.00</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)
      The
      maximum number of shares which may be sold upon the exercise of options granted
      under the Advanced Magnetics, Inc. 2006 Employee Stock Purchase Plan is subject
      to adjustment in accordance with certain structural anti-dilution and other
      provisions of the Advanced Magnetics, Inc. 2006 Employee Stock Purchase Plan.
      Accordingly, pursuant to Rule 416 under the Securities Act, as amended, this
      registration statement covers, in addition to the number of shares stated above,
      an indeterminate number of shares which may be subject to grant or otherwise
      issuable after the operation of any such structural anti-dilution and other
      provisions.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)
      The
      proposed maximum offering price per share and the proposed maximum aggregate
      offering price have been estimated solely for the purpose of calculating the
      amount of the registration fee in accordance</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">with
      Rules 457(c) and 457(h) under the Securities Act of 1933 on the basis of the
      average of the high and low prices of the Common Stock on the NASDAQ on May
      24,
      2007.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
      II - INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      3. Incorporation of Documents by Reference.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Advanced
      Magnetics, Inc., (the &#8220;Company&#8221;) hereby incorporates by reference into this
      registration statement the following additional documents, as of their
      respective dates, which have been previously filed by the Company with the
      Securities and Exchange Commission:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(a)</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">The
                Company&#8217;s Annual Report on Form 10-K for the fiscal year ended September
                30, 2005 filed on December 14, 2005 pursuant to Section 13 of the
                Securities Exchange Act of 1934, as amended (the &#8220;Exchange
                Act&#8221;);</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">(</font>b)</font></div>
            </td>
            <td align="justify" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">All
                other reports filed pursuant to Section 13(a) or 15(d) of the Exchange
                Act
                since the end of the fiscal year covered by the Registrant&#8217;s Annual Report
                referred to in (a) above; and</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="justify" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(c)</font></div>
            </td>
            <td align="justify" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">The
                description of the Company&#8217;s common stock contained in the registration
                statement on Form 8-A dated June 26, 2006 (File No. 0-14732), including
                all amendments or reports filed for the purpose of updating such
                description.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
      documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
      14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the
      filing of a post-effective amendment which indicates that all securities offered
      have been sold or which deregisters all securities then remaining unsold, shall
      be deemed to be incorporated by reference in this registration statement and
      to
      be part hereof from the date of filing of such documents.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
      statement contained in a document incorporated or deemed to be incorporated
      by
      reference herein shall be deemed to be modified or superseded for purposes
      of
      this registration statement to the extent that a statement herein, or in any
      subsequently filed document which also is or is deemed to be incorporated by
      reference, modifies or supersedes such statement.&#160;&#160;Any statement so
      modified or superseded shall not be deemed, except as so modified or superseded,
      to constitute a part of this registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      4. Description of Securities.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      5. Interest of Named Experts and Counsel.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      6. Indemnification of Named Directors and Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
      145 of the General Corporation
      Law of Delaware empowers a corporation to indemnify any person who was or is
      a
      party or is threatened to be made a party to any threatened, pending or
      completed action, suit or proceeding, whether civil, criminal, administrative
      or
      investigative, by reason of the fact that he or she is or was a director,
      officer, employee or agent of the corporation or another enterprise if serving
      at the request of the corporation. Depending on the character of the proceeding,
      a corporation may indemnify against expenses (including attorney's fees),
      judgments, fines and amounts paid in settlement actually and reasonably incurred
      in connection with such action, suit or proceeding if the person indemnified
      acted in good faith and in a manner he or she reasonably believed to be in
      or
      not</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">opposed
      to the best interests of the corporation, and, with respect to any criminal
      action or proceeding, had no reasonable cause to believe his or her conduct
      was
      unlawful. In the case of an action by or in the right of the corporation, no
      indemnification may be made in respect to any claim, issue or matter as to
      which
      such person shall have been adjudged to be liable to the corporation unless
      and
      only to the extent that the Court of Chancery or the court in which such action
      or suit was brought shall determine that despite the adjudication of liability,
      but in view of all the circumstances of the case, such person is fairly and
      reasonably entitled to indemnity for such expenses that the court shall deem
      proper. Section&#160;145 further provides that to the extent a present or former
      director or officer of a corporation has been successful in the defense of
      any
      action, suit or proceeding referred to above, or in defense of any claim, issue
      or matter therein, he or she shall be indemnified against expenses (including
      attorney's fees) actually and reasonably incurred by him or her in connection
      therewith.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      registrant's Certificate of
      Incorporation, as amended, provides that the registrant shall, to the fullest
      extent permitted by law, indemnify all directors, officers, employees and agents
      of the registrant. The Certificate of Incorporation also contains a provision
      eliminating the liability of directors of the registrant to the registrant
      or
      its stockholders for monetary damage, to the fullest extent permitted by law.
      The Certificate of Incorporation also permits the registrant to maintain
      insurance to protect itself and any director, officer, employee or agent against
      any liability whether or not the registrant would have the power to indemnify
      such persons under the General Corporation Law of Delaware. The Certificate
      of
      Incorporation also permits the registrant to enter into agreements with any
      director, officer, employee or agent providing for indemnification rights
      equivalent to or greater than the indemnification rights set forth in the
      Certificate of Incorporation. The registrant has entered into indemnification
      agreements with all of its directors and certain of its officers.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Insofar
      as indemnification for
      liabilities arising under the Securities Act of 1933 may be permitted to
      directors, officers or persons controlling the registrant pursuant to the
      foregoing provisions, the registrant has been informed that in the opinion
      of
      the Securities and Exchange Commission such indemnification is against public
      policy and is therefore unenforceable.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      7. Exemption from Registration Claims.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      8. Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>EXHIBIT
      INDEX</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>EXHIBIT
                NO.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td valign="top" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>DESCRIPTION</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.1</font></div>
            </td>
            <td align="left" valign="top" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Certificate
                of Incorporation of the registrant, as amended (incorporated by reference
                to Exhibit 3.1 to the registrant's Annual Report on Form 10-K for
                the
                fiscal year ended September 30, 2006, File No.
                0-14732).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.2</font></div>
            </td>
            <td align="left" valign="top" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amended
                and Restated By-Laws of the registrant, as amended (incorporated
                by
                reference to Exhibit 3.2 to the registrant's Current Report on Form
                8-K,
                dated May 14, 2007, File No. 0-14732).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.3</font></div>
            </td>
            <td align="left" valign="top" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Specimen
                certificate representing the registrant's Common Stock (incorporated
                by
                reference to Exhibit 6 to the Registration Statement on Form 8-A
                of the
                registrant, Reg. No. 1-10865).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">*5.1</font></div>
            </td>
            <td align="left" valign="top" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Opinion
                of Sullivan &amp; Worcester
                LLP.</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10</font></div>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2006
                Employee Stock Purchase Plan (incorporated by reference to Appendix
                A to
                the registrant's definitive proxy statement, filed December 19, 2006,
                File
                No. 0-14732).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.1</font></div>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                of Sullivan &amp; Worcester LLP (contained in the opinion of Sullivan
                &amp; Worcester LLP filed herewith as Exhibit 5.1).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">*23.2</font></div>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                of Independent Registered Public Accounting Firm &#8211; PricewaterhouseCoopers
                LLP (Advanced Magnetics, Inc.).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">24</font></div>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Powers
                of Attorney (included in the signature page to this registration
                statement).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">___________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;filed
      herewith</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      9. Undertakings.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      undersigned registrant hereby undertakes:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)&#160;&#160;To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this registration statement:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>(i)&#160;&#160;To
      include any
      prospectus required by Section&#160;10(a)(3) of the Securities Act of
      1933;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>(ii)&#160;&#160;To
      reflect in the
      prospectus any facts or events arising after the effective date of the
      registration statement (or the most recent post-effective amendment thereof)
      which, individually or in the aggregate, represent a fundamental change in
      the
      information set forth in the registration statement. Notwithstanding the
      foregoing, any increase or decrease in volume of securities offered (if the
      total dollar value of securities offered would not exceed that which was
      registered) and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the
      Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in
      volume and price represent no more than a 20 percent change in the maximum
      aggregate offering price set forth in the "Calculation of Registration Fee"
      table in the effective registration statement;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>(iii)&#160;&#160;To
      include any
      material information with respect to the plan of distribution not previously
      disclosed in the registration statement or any material change to such
      information in the registration statement;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">provided,
      however, that paragraphs (1)(i)&#160;and (1)(ii)&#160;do not apply if the
      information required to be included in a post-effective amendment by those
      paragraphs is contained in periodic reports filed with or furnished to the
      Commission by the registrant pursuant to Section&#160;13 or Section&#160;15(d)
      of the Securities Exchange Act of 1934 that are incorporated by reference in
      the
      registration statement.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)&#160;&#160;That,
      for the purpose of determining any liability under the Securities Act of 1933,
      each such post-effective amendment shall be deemed to be a new registration
      statement relating to the securities offered therein, and the offering of such
      securities at that time shall be deemed to be the initial bona fide offering
      thereof.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)
      To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering.</font></div>
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      undersigned registrant hereby
      undertakes that, for purposes of determining any liability under the Securities
      Act of 1933, each filing of the registrant's annual report pursuant to
      Section&#160;13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934
      (and, where applicable, each filing of an employee benefit plan's annual report
      pursuant to Section&#160;15(d) of the Securities Exchange Act of 1934) that is
      incorporated by reference in the registration statement shall be deemed to
      be a
      new registration statement relating to the securities offered therein, and
      the
      offering of such securities at that time shall be deemed to be the initial
      bona
      fide offering thereof.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Insofar
      as indemnification for
      liabilities arising under the Securities Act of 1933 may be permitted to
      directors, officers and controlling persons of the registrant pursuant to the
      General Corporation Law of the State of Delaware, the Certificate of
      Incorporation of the registrant, as amended, or the By-Laws of the registrant,
      as amended, indemnification agreements entered into between the registrant
      and
      its officers and directors, or otherwise, the registrant has been advised that
      in the opinion of the Securities and Exchange Commission such indemnification
      is
      against public policy as expressed in the Securities Act and is, therefore,
      unenforceable. In the event that a claim for indemnification against such
      liabilities (other than the payment by the registrant of expenses incurred
      or
      paid by a director, officer or controlling person of the registrant in the
      successful defense of any action, suit or proceeding) is asserted by such
      director, officer or controlling person in connection with the securities being
      registered, the registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question of whether such indemnification by it is against
      public policy as expressed in the Securities Act and will be governed by the
      final adjudication of such issue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act of 1933, the Company certifies that
      it
      has reasonable grounds to believe that it meets all of the requirements for
      filing on Form S-8 and has duly caused this registration statement to be signed
      on its behalf by the undersigned, thereunto duly authorized, in the City of
      Cambridge, Commonwealth of Massachusetts, on the 25<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font> day of
      May,
      2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>ADVANCED
                MAGNETICS, INC.</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:&#160;&#160;/s/
                Brian J.G. Pereira, MD</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font id="TAB1" style="MARGIN-LEFT: 15.4pt;"></font>Name:&#160;&#160;Brian
                J.G.
                Pereira, MD</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font id="TAB1" style="MARGIN-LEFT: 15.4pt;"></font>Title:&#160;&#160;Chief
                Executive Officer&#160;&#160;&#160;and
                President</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act of 1933, this registration statement
      on Form S-8 has been signed below by the following persons in the capacities
      and
      on the dates indicated.&#160;&#160;The undersigned officers and directors of the
      Company hereby severally constitute and appoint Brian J.G. Pereira, MD and
      Joseph L. Farmer, and each of them acting singly, our true and lawful attorneys
      to sign for us and in our names in the capacities indicated below any and all
      amendments or supplements, whether pre-effective or post-effective, to this
      registration statement on Form S-8 and to file the same, with exhibits thereto
      and other documents in connection therewith, with the Commission, granting
      unto
      each of said attorneys, acting singly, full power and authority to do and
      perform each and every act and thing requisite or necessary to be done in and
      about the premises, as fully to all intents and purposes as he or she might
      or
      could do in person, hereby ratifying and confirming our signatures to said
      amendments to this registration statement signed by our said attorneys and
      all
      else that said attorneys may lawfully do and cause to be done by virtue
      hereof.</font></div>
    <div><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong><u>Signature</u></strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong><u>Title</u></strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong><u>Date</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                Brian J.G. Pereira, MD</u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Brian
                J.G. Pereira</font></div>
            </td>
            <td align="left" valign="top" width="30%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Executive Officer President and Director</font></div>
            </td>
            <td valign="top" width="28%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                25, 2007</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                David A. Arkowitz</u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">David
                A. Arkowitz</font></div>
            </td>
            <td align="left" valign="top" width="30%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Financial Officer and Chief Business Officer</font></div>
            </td>
            <td valign="top" width="28%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                25, 2007</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/<u>s/
                Dr. Michael D. Loberg</u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Dr.
                Michael D. Loberg</font></div>
            </td>
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              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
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              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                25, 2007</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
                Michael Narachi</u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Michael
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            </td>
            <td align="left" valign="top" width="30%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
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              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                25, 2007</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
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              <div>&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">May
                25, 2007</font></div>
            </td>
          </tr>
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            <td align="left" valign="top" width="27%">
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>/s/
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div>&#160;</div>
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ami_s8.htm
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      D.C. 20549
FORM
      S-8
REGISTRATION
      STATEMENT
UNDER THE
SECURITIES
      ACT OF 1933
ADVANCED
      MAGNETICS, INC.
(Exact
      name of registrant as specified in its charter)
Delaware
(State
                or Other Jurisdiction of
Incorporation
                or Organization)
04-2742593
(I.R.S.
                Employer
Identification
                No.)
125
                CambridgePark Drive, 6
th
Floor
                Cambridge, Massachusetts
02140
(Address
                of Principal Executive Offices)
(Zip
                Code)
Advanced
      Magnetics, Inc. 2006 Employee Stock Purchase Plan
(Full
      Title of the Plan)
Brian
                J.G. Pereira, MD
Chief
                Executive Officer and President
Advanced
                Magnetics, Inc.
125
                CambridgePark Drive, 6
th
Floor
Cambridge,
                Massachusetts 02140
COPY
                TO:
Miguel
                J. Vega, Esq.
Sullivan
                & Worcester LLP
One
                Post Office Square
Boston,
                Massachusetts 02109
(Name,
      and Address of Agent For Service)
(617)
                498-3300
(617)
                338-2448
(Telephone
      Number, Including Area Code, of Agent For Service)
CALCULATION
      OF REGISTRATION FEE
Title
                of Each Class
of
                Securities
to
                be Registered
Amount
                to be
Registered(1)
Proposed
Maximum
Offering
                Price
Per
                Share(2)
Proposed
Maximum
Aggregate
Offering
                Price
Amount
                of
Registration
                Fee
Common
                Stock, $0.01 par value per share
100,000
$64.40
$6,440,000
$198.00
(1)
      The
      maximum number of shares which may be sold upon the exercise of options granted
      under the Advanced Magnetics, Inc. 2006 Employee Stock Purchase Plan is subject
      to adjustment in accordance with certain structural anti-dilution and other
      provisions of the Advanced Magnetics, Inc. 2006 Employee Stock Purchase Plan.
      Accordingly, pursuant to Rule 416 under the Securities Act, as amended, this
      registration statement covers, in addition to the number of shares stated above,
      an indeterminate number of shares which may be subject to grant or otherwise
      issuable after the operation of any such structural anti-dilution and other
      provisions.
(2)
      The
      proposed maximum offering price per share and the proposed maximum aggregate
      offering price have been estimated solely for the purpose of calculating the
      amount of the registration fee in accordance
with
      Rules 457(c) and 457(h) under the Securities Act of 1933 on the basis of the
      average of the high and low prices of the Common Stock on the NASDAQ on May
      24,
      2007.
PART
      II - INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item
      3. Incorporation of Documents by Reference.
Advanced
      Magnetics, Inc., (the "Company") hereby incorporates by reference into this
      registration statement the following additional documents, as of their
      respective dates, which have been previously filed by the Company with the
      Securities and Exchange Commission:
(a)
The
                Company's Annual Report on Form 10-K for the fiscal year ended September
                30, 2005 filed on December 14, 2005 pursuant to Section 13 of the
                Securities Exchange Act of 1934, as amended (the "Exchange
                Act");
(
b)
All
                other reports filed pursuant to Section 13(a) or 15(d) of the Exchange
                Act
                since the end of the fiscal year covered by the Registrant's Annual Report
                referred to in (a) above; and
(c)
The
                description of the Company's common stock contained in the registration
                statement on Form 8-A dated June 26, 2006 (File No. 0-14732), including
                all amendments or reports filed for the purpose of updating such
                description.
All
      documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
      14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the
      filing of a post-effective amendment which indicates that all securities offered
      have been sold or which deregisters all securities then remaining unsold, shall
      be deemed to be incorporated by reference in this registration statement and
      to
      be part hereof from the date of filing of such documents.
Any
      statement contained in a document incorporated or deemed to be incorporated
      by
      reference herein shall be deemed to be modified or superseded for purposes
      of
      this registration statement to the extent that a statement herein, or in any
      subsequently filed document which also is or is deemed to be incorporated by
      reference, modifies or supersedes such statement.  Any statement so
      modified or superseded shall not be deemed, except as so modified or superseded,
      to constitute a part of this registration statement.
Item
      4. Description of Securities.
Not
      applicable.
Item
      5. Interest of Named Experts and Counsel.
Not
      applicable.
Item
      6. Indemnification of Named Directors and Officers.
Section
      145 of the General Corporation
      Law of Delaware empowers a corporation to indemnify any person who was or is
      a
      party or is threatened to be made a party to any threatened, pending or
      completed action, suit or proceeding, whether civil, criminal, administrative
      or
      investigative, by reason of the fact that he or she is or was a director,
      officer, employee or agent of the corporation or another enterprise if serving
      at the request of the corporation. Depending on the character of the proceeding,
      a corporation may indemnify against expenses (including attorney's fees),
      judgments, fines and amounts paid in settlement actually and reasonably incurred
      in connection with such action, suit or proceeding if the person indemnified
      acted in good faith and in a manner he or she reasonably believed to be in
      or
      not
opposed
      to the best interests of the corporation, and, with respect to any criminal
      action or proceeding, had no reasonable cause to believe his or her conduct
      was
      unlawful. In the case of an action by or in the right of the corporation, no
      indemnification may be made in respect to any claim, issue or matter as to
      which
      such person shall have been adjudged to be liable to the corporation unless
      and
      only to the extent that the Court of Chancery or the court in which such action
      or suit was brought shall determine that despite the adjudication of liability,
      but in view of all the circumstances of the case, such person is fairly and
      reasonably entitled to indemnity for such expenses that the court shall deem
      proper. Section 145 further provides that to the extent a present or former
      director or officer of a corporation has been successful in the defense of
      any
      action, suit or proceeding referred to above, or in defense of any claim, issue
      or matter therein, he or she shall be indemnified against expenses (including
      attorney's fees) actually and reasonably incurred by him or her in connection
      therewith.
The
      registrant's Certificate of
      Incorporation, as amended, provides that the registrant shall, to the fullest
      extent permitted by law, indemnify all directors, officers, employees and agents
      of the registrant. The Certificate of Incorporation also contains a provision
      eliminating the liability of directors of the registrant to the registrant
      or
      its stockholders for monetary damage, to the fullest extent permitted by law.
      The Certificate of Incorporation also permits the registrant to maintain
      insurance to protect itself and any director, officer, employee or agent against
      any liability whether or not the registrant would have the power to indemnify
      such persons under the General Corporation Law of Delaware. The Certificate
      of
      Incorporation also permits the registrant to enter into agreements with any
      director, officer, employee or agent providing for indemnification rights
      equivalent to or greater than the indemnification rights set forth in the
      Certificate of Incorporation. The registrant has entered into indemnification
      agreements with all of its directors and certain of its officers.
Insofar
      as indemnification for
      liabilities arising under the Securities Act of 1933 may be permitted to
      directors, officers or persons controlling the registrant pursuant to the
      foregoing provisions, the registrant has been informed that in the opinion
      of
      the Securities and Exchange Commission such indemnification is against public
      policy and is therefore unenforceable.
Item
      7. Exemption from Registration Claims.
Not
      applicable.
Item
      8. Exhibits.
EXHIBIT
      INDEX
EXHIBIT
                NO.
DESCRIPTION
4.1
Certificate
                of Incorporation of the registrant, as amended (incorporated by reference
                to Exhibit 3.1 to the registrant's Annual Report on Form 10-K for
                the
                fiscal year ended September 30, 2006, File No.
                0-14732).
4.2
Amended
                and Restated By-Laws of the registrant, as amended (incorporated
                by
                reference to Exhibit 3.2 to the registrant's Current Report on Form
                8-K,
                dated May 14, 2007, File No. 0-14732).
4.3
Specimen
                certificate representing the registrant's Common Stock (incorporated
                by
                reference to Exhibit 6 to the Registration Statement on Form 8-A
                of the
                registrant, Reg. No. 1-10865).
*5.1
Opinion
                of Sullivan & Worcester
                LLP.
10
2006
                Employee Stock Purchase Plan (incorporated by reference to Appendix
                A to
                the registrant's definitive proxy statement, filed December 19, 2006,
                File
                No. 0-14732).
23.1
Consent
                of Sullivan & Worcester LLP (contained in the opinion of Sullivan
                & Worcester LLP filed herewith as Exhibit 5.1).
*23.2
Consent
                of Independent Registered Public Accounting Firm – PricewaterhouseCoopers
                LLP (Advanced Magnetics, Inc.).
24
Powers
                of Attorney (included in the signature page to this registration
                statement).
___________
*           filed
      herewith
Item
      9. Undertakings.
The
      undersigned registrant hereby undertakes:
(1)  To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this registration statement:
(i)  To
      include any
      prospectus required by Section 10(a)(3) of the Securities Act of
      1933;
(ii)  To
      reflect in the
      prospectus any facts or events arising after the effective date of the
      registration statement (or the most recent post-effective amendment thereof)
      which, individually or in the aggregate, represent a fundamental change in
      the
      information set forth in the registration statement. Notwithstanding the
      foregoing, any increase or decrease in volume of securities offered (if the
      total dollar value of securities offered would not exceed that which was
      registered) and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the
      Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
      volume and price represent no more than a 20 percent change in the maximum
      aggregate offering price set forth in the "Calculation of Registration Fee"
      table in the effective registration statement;
(iii)  To
      include any
      material information with respect to the plan of distribution not previously
      disclosed in the registration statement or any material change to such
      information in the registration statement;
provided,
      however, that paragraphs (1)(i) and (1)(ii) do not apply if the
      information required to be included in a post-effective amendment by those
      paragraphs is contained in periodic reports filed with or furnished to the
      Commission by the registrant pursuant to Section 13 or Section 15(d)
      of the Securities Exchange Act of 1934 that are incorporated by reference in
      the
      registration statement.
(2)  That,
      for the purpose of determining any liability under the Securities Act of 1933,
      each such post-effective amendment shall be deemed to be a new registration
      statement relating to the securities offered therein, and the offering of such
      securities at that time shall be deemed to be the initial bona fide offering
      thereof.
(3)
      To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering.
The
      undersigned registrant hereby
      undertakes that, for purposes of determining any liability under the Securities
      Act of 1933, each filing of the registrant's annual report pursuant to
      Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
      (and, where applicable, each filing of an employee benefit plan's annual report
      pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
      incorporated by reference in the registration statement shall be deemed to
      be a
      new registration statement relating to the securities offered therein, and
      the
      offering of such securities at that time shall be deemed to be the initial
      bona
      fide offering thereof.
Insofar
      as indemnification for
      liabilities arising under the Securities Act of 1933 may be permitted to
      directors, officers and controlling persons of the registrant pursuant to the
      General Corporation Law of the State of Delaware, the Certificate of
      Incorporation of the registrant, as amended, or the By-Laws of the registrant,
      as amended, indemnification agreements entered into between the registrant
      and
      its officers and directors, or otherwise, the registrant has been advised that
      in the opinion of the Securities and Exchange Commission such indemnification
      is
      against public policy as expressed in the Securities Act and is, therefore,
      unenforceable. In the event that a claim for indemnification against such
      liabilities (other than the payment by the registrant of expenses incurred
      or
      paid by a director, officer or controlling person of the registrant in the
      successful defense of any action, suit or proceeding) is asserted by such
      director, officer or controlling person in connection with the securities being
      registered, the registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question of whether such indemnification by it is against
      public policy as expressed in the Securities Act and will be governed by the
      final adjudication of such issue.
SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, the Company certifies that
      it
      has reasonable grounds to believe that it meets all of the requirements for
      filing on Form S-8 and has duly caused this registration statement to be signed
      on its behalf by the undersigned, thereunto duly authorized, in the City of
      Cambridge, Commonwealth of Massachusetts, on the 25
th
day of
      May,
      2007.
ADVANCED
                MAGNETICS, INC.
By:  /s/
                Brian J.G. Pereira, MD
Name:  Brian
                J.G.
                Pereira, MD
Title:  Chief
                Executive Officer   and
                President
Pursuant
      to the requirements of the Securities Act of 1933, this registration statement
      on Form S-8 has been signed below by the following persons in the capacities
      and
      on the dates indicated.  The undersigned officers and directors of the
      Company hereby severally constitute and appoint Brian J.G. Pereira, MD and
      Joseph L. Farmer, and each of them acting singly, our true and lawful attorneys
      to sign for us and in our names in the capacities indicated below any and all
      amendments or supplements, whether pre-effective or post-effective, to this
      registration statement on Form S-8 and to file the same, with exhibits thereto
      and other documents in connection therewith, with the Commission, granting
      unto
      each of said attorneys, acting singly, full power and authority to do and
      perform each and every act and thing requisite or necessary to be done in and
      about the premises, as fully to all intents and purposes as he or she might
      or
      could do in person, hereby ratifying and confirming our signatures to said
      amendments to this registration statement signed by our said attorneys and
      all
      else that said attorneys may lawfully do and cause to be done by virtue
      hereof.
Signature
Title
Date
/s/
                Brian J.G. Pereira, MD
Brian
                J.G. Pereira
Chief
                Executive Officer President and Director
May
                25, 2007
/s/
                David A. Arkowitz
David
                A. Arkowitz
Chief
                Financial Officer and Chief Business Officer
May
                25, 2007
/
s/
                Dr. Michael D. Loberg
Dr.
                Michael D. Loberg
Director
May
                25, 2007
/s/
                Michael Narachi
Michael
                Narachi
Director
May
                25, 2007
/s/
                Davey S. Scoon
Davey
                S. Scoon
Director
May
                25, 2007
/s/
                Mark Skaletsky
Mark
                Skaletsky
Director
May
                25, 2007
/s/
                Ron Zwanziger
Ron
                Zwanziger
Director
May
                25, 2007