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EXHIBIT 99.1
CONTACT:
Jerome Goldstein, CEO,
(617) 497-2070
FOR IMMEDIATE RELEASE
ADVANCED MAGNETICS, INC. AUTHORIZES REPURCHASE OF STOCK
CAMBRIDGE, MASSACHUSETTS, NOVEMBER 17, 2000 -- Advanced Magnetics, Inc. (AMEX:
AVM) today announced that its Board of Directors has authorized a plan under
which the Company may repurchase, at prevailing market prices, up to 1,000,000
of its outstanding shares. The Company has approximately 6.75 million shares
outstanding.
"We continue to believe that Advanced Magnetics' stock is a good investment
given the status of our product development pipeline and our capital," stated
Jerome Goldstein, Chief Executive Officer. "We believe the stock repurchase
program could result in long term benefits for both the Company and our
shareholders."
Advanced Magnetics, Inc. is a medical specialty company dedicated to the
development and commercialization of pharmaceutical products for the diagnosis
of cancer and other diseases. For more information, please visit the Company's
web site at www.advancedmagnetics.com.
This document contains forward-looking statements. Any statements contained in
this press release that do not describe historical facts are forward looking
statements that involve risks and uncertainties. For example, Advanced Magnetics
and its shareholders may not derive any benefit from the repurchase of shares,
and it may not be a good investment, depending on market fluctuations, other
needs for capital, the success of Advanced Magnetics' operating business, and
other risks identified in Advanced Magnetics' Securities and Exchange Commission
filings. The Company cautions readers not to place undue reliance on any
forward-looking statements, which speak only as of the date they are made.
Advanced Magnetics disclaims any obligation to publicly update or revise any
such statements to reflect any change in expectations or 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.
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