FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * GREAT POINT PARTNERS LLC   2. Issuer Name and Ticker or Trading Symbol ADVANCED MAGNETICS INC [AMV] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 165 MASON STREET, 3RD FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 03/15/2006 (Street) GREENWICH, CT 06830 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/15/2006   S   1,872 D $ 29.4 611,578 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   4,176 D $ 29.35 607,402 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   96 D $ 29.37 607,306 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   672 D $ 29.45 606,634 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   96 D $ 29.36 606,538 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   288 D $ 29.33 606,250 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   480 D $ 29.3 605,770 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   720 D $ 29.41 605,050 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   576 D $ 29.48 604,474 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   624 D $ 29.49 603,850 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   480 D $ 29.6 603,370 I By Biomedical Value Fund, L.P. (1) Common Stock 03/15/2006   S   1,920 D $ 29.5 601,450 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   480 D $ 29.76 600,970 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   480 D $ 29.8 600,490 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   960 D $ 29.9 599,530 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   480 D $ 29.95 599,050 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   1,536 D $ 30 597,514 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   336 D $ 30.01 597,178 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   2,448 D $ 30.05 594,730 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   2,832 D $ 30.15 591,898 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   1,680 D $ 30.25 590,218 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   2,160 D $ 30.1 588,058 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   480 D $ 30.23 587,578 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   960 D $ 30.2 586,618 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   48 D $ 30.16 586,570 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   720 D $ 30.22 585,850 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   480 D $ 30.29 585,370 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   720 D $ 30.28 584,650 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   960 D $ 30.3 583,690 I By Biomedical Value Fund, L.P. (1) Common Stock 03/16/2006   S   960 D $ 30.35 582,730 I By Biomedical Value Fund, L.P. (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GREAT POINT PARTNERS LLC 165 MASON STREET 3RD FLOOR GREENWICH, CT 06830		X
JAY JEFFREY R GREAT POINT PARTNERS, LLC 2 PICKWICK PLAZA, SUITE 450 GREENWICH, CT 06830		X

Signatures

GREAT POINT PARTNERS, LLC By: /s/ Jeffrey R. Jay, M.D. as senior managing member		03/17/2006
**Signature of Reporting Person		Date
/s/ Dr. Jeffrey R. Jay, M.D.		03/17/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Great Point Partners, LLC ("Great Point") is the investment manager of Biomedical Value Fund, L.P. ("BMVF") and by virtue of such status may be deemed to be the beneficial owner of the shares held by BMVF. Dr. Jeffrey R. Jay, M.D., as senior managing member of Great Point ("Dr. Jay"), has voting and investment power with respect to the shares held by BMVF and may be deemed to be the beneficial owner of the shares held by BMVF. Great Point and Dr. Jay disclaim beneficial ownership of the shares held by BMVF, except to the extent of any pecuniary interest, and this report shall not be deemed to be an admission that they are the beneficial owners of such securities.
Remarks: Due to the maximum number of entries permitted within an edgarized Form 4, this is Part 1 of 3 submissions constituting one  Form 4.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.