Advanced Magnetics raises $32 million

MRI contrast developer Advanced Magnetics said it issued 1.2 million shares of common stock, raising $31.7 million after deducting fees and expenses.

The proceeds from the transaction will be used to fund clinical development programs, including continued development of the company's ferumoxytol as an iron replacement therapeutic, and for general working capital purposes, the company said.

By AuntMinnie.com staff writers
March 8, 2006

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