Nanotechnology Now - Press Release: "Advanced Magnetics Announces Retirement of Founder Jerome Goldstein"

Home > Press > Advanced Magnetics Announces Retirement of Founder Jerome Goldstein

Abstract:
Advanced Magnetics,Inc. (Nasdaq: AMAG) today announced that Jerome Goldstein, the Executive
Chairman of the Board of Directors and founder of the company, will retire
as an officer and director of the company effective May 1, 2007. The
company's Board of Directors voted to confer on Mark Skaletsky, a member of
the Board of Directors, the role of Chairman of the Board effective as of
Mr. Goldstein's retirement.

Advanced Magnetics Announces Retirement of Founder Jerome Goldstein

CAMBRIDGE, MA | Posted on April 2nd, 2007

Mr. Goldstein founded Advanced Magnetics in November 1981 and completed
its initial public offering in June 1986. Mr. Goldstein commented that "For
25 years, we have developed our iron oxide nanoparticle technology for the
benefit of patients. Two early products, Feridex I.V.(R) and GastroMARK(R),
were brought to market and two additional products, Combidex(R) and
ferumoxytol, both of which I believe could have major beneficial impact,
are in the wings. We have succeeded in putting together an excellent team
capable of accomplishing the company's objectives going forward. I am 68
years old and the time and situation are appropriate for me to pass the
baton on to Brian Pereira. I wish all the employees of Advanced Magnetics
continued success."

Advanced Magnetics' President and Chief Executive Officer, Brian J. G.
Pereira, MD stated, "Jerry's vision and entrepreneurship led to the
founding of Advanced Magnetics and the development of outstanding
diagnostic and therapeutic products with the potential to significantly
improve patients' lives. He has guided the company ably for 25 years and
has been a vital contributor to its success to date, while positioning the
company well for future success. We thank Jerry for his invaluable
contributions over the years and wish him well in his plans for the
future."

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About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron oxide
nanoparticles used in pharmaceutical products. As a leader in our field, we
are dedicated to the development and commercialization of our 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.

Ferumoxytol, the company's key product candidate, is being developed
for use as an intravenous iron replacement therapeutic for the treatment of
iron deficiency anemia in chronic kidney disease. The company plans to file
a New Drug Application for marketing approval of ferumoxytol with the U.S.
Food and Drug Administration during the fourth calendar quarter of 2007.

Combidex(R), the company's second product under development, is an
investigational functional molecular imaging agent consisting of iron oxide
nanoparticles for use in conjunction with magnetic resonance imaging, or
MRI, to aid in the differentiation of cancerous from normal lymph nodes. In
March 2005, the company received an approvable letter from the FDA with
respect to Combidex, subject to certain conditions.

For more information about us, please visit our website at
http://www.advancedmagnetics.com , the content of which is not part of this
press release.

This document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and federal securities
laws. Any statements contained in this press release that do not describe
historical facts, including but not limited to, statements regarding the
potential beneficial impact of Combidex(R) and ferumoxytol and their
potential for significantly improving patients' lives, the company's
potential accomplishment of its objectives going forward and its potential
future successes, 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: (1) the possibility that we may not be
able to successfully complete the development of ferumoxytol, or may not be
able to complete the development in a timely or cost-effective manner, due
to deficiencies in the design or oversight by us of these trials, the
failure of our trials to demonstrate that ferumoxytol is safe and
efficacious, unexpected results from our clinical sites, inadequate
performance by third-party service providers involved in the conduct of the
clinical trials, or any other factor causing an increase in expenses, a
delay and/or a negative effect on the results of the clinical studies for
ferumoxytol; (2) uncertainties surrounding the our ability to obtain
regulatory approval for ferumoxytol from the FDA; (3) the possibility that
the results of past ferumoxytol studies may not be replicated in future
studies; (4) the fact that we have limited sales and marketing expertise;
(5) uncertainties relating to our patents and proprietary rights; and (6)
other risks identified in our Securities and Exchange Commission filings.
We caution readers not to place undue reliance on any forward-looking
statements which speak only as of the date they are made. We disclaim 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.