Document:

Exhibit
4.1

 

Form
of Warrant

 

Execution Copy

 

ADVANCED MAGNETICS, INC.

 

COMMON STOCK PURCHASE WARRANT

 

	
  Warrant No. CS-

  	
   

  	
   Shares

  
	
  June 1, 2005

  	
   

  	
   

  

 

1.                                      Issuance.  For value received, this Warrant
is issued to                              ,
by ADVANCED MAGNETICS, INC., a
Delaware corporation (hereinafter with its successors called the “Company”),
with its principal office at 61 Mooney Street, Cambridge, MA 02138, pursuant to
the terms of that certain Securities Purchase Agreement dated June 1, 2005 (the
“Purchase Agreement”). 
Capitalized terms used but not defined herein shall have the respective
meanings ascribed to such terms in the Purchase Agreement.

 

2.                                      Purchase Price; Number
of Shares. 
The registered holder of this Warrant (the “Holder”) is entitled upon
surrender of this Warrant together with a duly executed Notice of Exercise in
the form attached hereto, at the principal office of the Company, to purchase
from the Company                                   
fully paid and nonassessable shares (the “Shares”) of common stock, $0.01 par value per
share, of the Company (the “Common Stock”), at a price per
share of Thirteen Dollars ($13.00) (the “Purchase Price”).  Until such time as this Warrant is exercised
in full or expires, the Purchase Price and the securities issuable upon
exercise of this Warrant are subject to adjustment as hereinafter
provided.  The person or persons under
whose name or names any certificate representing shares of Common Stock is
issued hereunder shall be deemed to have become the holder of record of the
shares represented thereby as at the close of business on the date this Warrant
is exercised with respect to such shares, whether or not the transfer books of
the Company shall be closed.

 

3.                                      Payment of Purchase
Price.  The
Purchase Price may be paid (i) in cash or by check or wire transfer of
immediately available funds; (ii) upon the prior written consent of the Company
only, by a net issue pursuant to Section 4 hereof; or (iii) by any
combination of the foregoing.

 

4.                                      Net Issue Election. 
Should the Holder desire to exercise the net issue election provided in
this Section 4, it shall first seek the consent of the Company by providing
written notice at least 5 days
prior to the date on which the exercise of this Warrant is to occur.  The Company shall notify the Holder in
writing of its consent or refusal within 2 business days of receipt of such notice.  After obtaining the written consent of the
Company, the Holder may elect to receive, without the payment by the Holder of
any additional consideration, shares of Common Stock equal to the value of this
Warrant or any portion hereof by the surrender of this Warrant or such portion
to the Company, with the net issue election notice annexed hereto duly
executed, at the principal office of the Company.  Thereupon, the Company
shall issue to the Holder such number of fully paid and nonassessable shares of
Common Stock as is computed using the following formula:

 

	
   

  	
  X = Y (A-B)

  	
   

  
	
   

  	
     A

  	
   

  

 

 

	
  where:

  	
   

  	
  X =

  	
  the number of shares of Common Stock to be
  issued to the Holder pursuant to this Section 4.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Y =

  	
  the number of shares of Common Stock covered
  by this Warrant in respect of which the net issue election is made pursuant
  to this Section 4.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A =

  	
  the Volume Weighted Average Price (defined
  below) of one share of Common Stock, as determined at the time the net issue
  election is made pursuant to this Section 4.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  B =

  	
  the Purchase Price per Share in effect under
  this Warrant at the time the net issue election is made pursuant to this Section 4.

  

 

“Volume Weighted
Average Price” of a share of Common Stock as of a particular date (the “Determination Date”)
shall mean the daily volume weighted average price of the Common Stock as reported on the American Stock
Exchange (the “AMEX”)
(or any national securities exchange on which the Common Stock is then listed
or admitted for trading), based on a trading day of 9:30 a.m. Eastern Time to
4:00 p.m. Eastern Time, over the five consecutive trading days immediately
preceding the Determination Date; provided,
however, that if (i) the Common Stock is neither traded on the AMEX
nor on a national securities exchange, then Volume Weighted Average Price shall
be the volume weighted average price of the Common Stock over the five-day
period immediately preceding the Determination Date reflected in the
over-the-counter market, as reported by the National Quotation Bureau, Inc. or
any organization performing a similar function, or if trade prices are not then
routinely reported for the over-the-counter market, the average of the last bid
and asked prices of the Common Stock over the five-day period immediately
preceding the Determination Date and (ii) if there is no public market for the
Common Stock, then the Volume Weighted Average Price shall be the fair market
value as determined in good faith by the Company’s Board of Directors.

 

5.                                      Delivery of Warrant
Shares.

 

(a)  Upon surrender of this Warrant together with
a properly completed and duly executed Notice of Exercise in the form attached
hereto, at the principal executive office of the Company, and upon payment of
the Purchase Price multiplied by the number of Shares that the Holder intends
to purchase hereunder, the Company shall promptly (but in no event later than
four Trading Days (as defined below) after the Date of Exercise (as defined
below)) issue and deliver to the Holder, a certificate for the number of Shares
issued upon such exercise (which, shall be free of restrictive legends) or
otherwise make arrangements with the Company’s transfer agent for the proper
electronic notation of the Company’s records to reflect Holder as the record
holder of the number of Shares issued upon such exercise.

 

(b)  If by the fourth Trading Day after a Date of
Exercise the Company fails to deliver the required number of Shares in the
manner required pursuant to Section 5(a), then the Holder will have the right
to rescind such exercise upon written notice to the Company.

 

(c)  If by the fourth Trading Day after a Date of
Exercise the Company fails to deliver the required number of Shares in the
manner required pursuant to Section 5(a), and if after such

 

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fourth Trading Day and
prior to the receipt of such Shares, the Holder purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of
a sale by the Holder of the Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”),
then the Company shall (i) pay in cash to the Holder the amount by which (A)
the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (B) the amount obtained by
multiplying (x) the number of Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue by (y) the last reported
sales price of the Common Stock at the time of the obligation giving rise to
such purchase obligation and (ii) deliver to the Holder the number of Shares
that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder.  The
Holder shall provide the Company prompt written notice indicating the amounts
payable to the Holder in respect of the Buy-In.

 

(d)
For purposes of this Section 5:

 

(i)  “Trading Day” means any
day on which the AMEX is open for the transaction of business; and

 

(ii)  “Date of Exercise”
means the date on which the Holder shall have delivered to Company: (A) a
properly completed and duly executed Notice of Exercise in the form attached
hereto, and (B) if such Holder is not utilizing the net issue election pursuant
to Section 4 hereof, payment of the Purchase Price for the number of
Shares so indicated by the Holder to be purchased.

 

6.                                      Partial Exercise. 
This Warrant may be exercised in part, and the Holder shall be entitled
to promptly receive a new warrant, which shall be dated as of the date of this
Warrant, covering the number of shares in respect of which this Warrant shall
not have been exercised.

 

7.                                      Fractional Shares. 
In no event shall any fractional share of Common Stock be issued upon
any exercise of this Warrant.  If, upon
exercise of this Warrant as an entirety, the Holder would, except as provided
in this Section 7, be entitled to receive a fractional share of Common
Stock, then the Company shall pay in lieu thereof, the Fair Market Value of
such fractional share in cash.

 

8.                                      Expiration Date; Early
Termination.

 

(a)  Except as otherwise set forth in this
Section 8, this Warrant shall expire on the close of business on June 1,
2008 (the “Expiration
Date”), and shall be void thereafter.

 

(b) In
the event of, at any time prior to the Expiration Date, any dissolution,
liquidation or winding-up of the Company, or the consolidation or merger of the
Company with or into another corporation, or the sale or other disposition of
all or substantially all the properties and assets of the Company to any other
person (a “Transaction”),
the Company shall provide to the Holder twenty (20) calendar days’ advance
written notice of such Transaction, and this Warrant shall terminate upon
consummation of such Transaction unless properly exercised prior to the
occurrence of such Transaction.  The Company shall update any such notice
to reflect any material changes in the Transaction or the information set forth
in the notice.  Notwithstanding anything
contained in this Section 8(b) to the contrary, the Company may not effect a

 

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Transaction unless and
until after giving the Holder at least twenty (20) days’ advance notice of the
Transaction (including any material updates contemplated by the preceding
sentence) and affording the Holder the opportunity to exercise the Warrant
during such period (to the extent the Warrant is then exercisable).

 

9.                                      Reserved Shares; Valid
Issuance. 
The Company covenants that it will at all times from and after the date hereof
reserve and keep available such number of its authorized shares of Common
Stock, free from all preemptive or similar rights therein, as will be
sufficient to permit the exercise of this Warrant in full into shares of Common
Stock upon such exercise.  The Company further covenants that such shares
as may be issued pursuant to such exercise will, upon issuance, be duly and
validly issued, fully paid and nonassessable and free from all transfer taxes,
liens and charges with respect to the issuance thereof.

 

10.                               Stock Splits and Dividends.  If after the date hereof the
Company shall subdivide the Common Stock, by split-up or otherwise, into a
larger number of shares, or combine the Common Stock, by reverse split or
otherwise, into a lesser number of shares, or issue additional shares of Common
Stock in payment of a stock dividend or other distribution on the Common Stock,
the number of shares of Common Stock issuable on the exercise of this Warrant
shall forthwith be proportionately increased in the case of a subdivision or
stock dividend or distribution, or proportionately decreased in the case of a
combination, and the Purchase Price shall forthwith be proportionately decreased
in the case of a subdivision or stock dividend or distribution, or
proportionately increased in the case of a combination.

 

11.                               Notices of Record Date, Etc.  In
the event of:

 

(a)  any taking by the Company of a record of
the holders of any class of securities for the purpose of determining the
holders thereof who are entitled to receive any dividend or other distribution,
or any right to subscribe for, purchase, sell or otherwise acquire or dispose
of any shares of stock of any class or any other securities or property, or to
receive any other right;

 

(b)  any reclassification of the capital stock of
the Company, capital reorganization of the Company, consolidation or merger
involving the Company, or sale or conveyance of all or substantially all of its
assets; or

 

(c)  any voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

 

then in each such event the Company will provide
or cause to be provided to the Holder a written notice thereof.  Such
notice shall be provided at least twenty (20) calendar days prior to the
earlier of (i) the date specified in such notice on which any such action is to
be taken, and (ii) the record date for purposes of determining the record
holders of the Common Stock with respect to any such action.  The Company
shall update any such notice to reflect any material change in the information
set forth in its notice.  Notwithstanding
anything in this Section 11 to the contrary, the Company may not effect a
Transaction unless and until after giving the Holder at least twenty (20) days’
advance notice (including any material updates contemplated by the preceding
sentence) and affording the Holder the opportunity to exercise the Warrant
during such period.

 

4

 

12.                               Representations, Warranties and
Covenants. 
This Warrant is issued and delivered by the Company and accepted by each Holder
on the basis of the following representations, warranties and covenants made by
the Company:

 

(a)
The Company has all necessary authority to issue, execute and deliver this
Warrant and to perform its obligations hereunder.  This Warrant has been
duly authorized issued, executed and delivered by the Company and is the valid
and binding obligation of the Company, enforceable in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or other similar laws of general application affecting the
enforcement of the Holder’s rights or by general equity principals.

 

(b)
The execution and delivery of this Warrants does not, and the performance of
this Warrants and the compliance with the provisions hereof, including the
issuance, sale and delivery of the Shares by the Company will not, conflict
with, or result in a breach or violation of the terms, conditions or provisions
of, or constitute a default under, or result in the creation or imposition of
any lien pursuant to the terms of, the Certificate or Bylaws of the Company,
each as amended to date, or any statute, law, rule or regulation or any state
or federal order, judgment or decree or any indenture, mortgage, lease or other
agreement or instrument to which the Company or any of its properties is
subject, except for any conflict, breach, violation, default or imposition of a
lien (other than pursuant to the terms of the Certificate or Bylaws) that would
not, individually or in the aggregate, reasonably be expected to have a
material adverse effect on the assets, liabilities, financial condition,
business or operations of the Company.

 

(c)  The shares of Common Stock issuable upon the
exercise of this Warrant have been duly authorized and reserved for issuance by
the Company and, when issued in accordance with the terms hereof, will be
validly issued, fully paid and nonassessable.

 

(d)  The shares of Common Stock issuable upon
exercise of this Warrant have been registered under the Securities Act of 1933
on Form S-3 and are listed for trading on the American Stock Exchange.

 

13.                               Amendment and Waiver.  The terms of this Warrant may be
amended, modified or waived only with the written consent of the party against
which enforcement of the same is sought.

 

14.                               Notices, Transfers, Etc.

 

(a) Any notice or written communication required or
permitted to be given to the Holder may be given by certified mail or delivered
to the Holder at the address most recently provided by the Holder to the
Company.

 

(b)
Subject to compliance with applicable federal and state securities laws, this
Warrant may be transferred by the Holder with respect to any or all of the
shares purchasable hereunder.  Upon surrender of this Warrant to the
Company, together with the assignment notice annexed hereto duly executed, for
transfer of this Warrant as an entirety by the Holder, the Company shall issue
a new warrant of the same denomination to the assignee, which shall be
identical to this Warrant.  Upon surrender of this Warrant to the Company,
together with the

 

5

 

assignment hereof properly endorsed, by the Holder for transfer with
respect to a portion of the shares of Common Stock purchasable hereunder, the
Company shall issue a new warrant, which shall be in all respects other than
denomination identical to this Warrant, to the assignee, in such denomination
as shall be requested by the Holder hereof, and shall issue to such Holder a
new warrant, which shall be in all respects other than denomination identical
to this Warrant, covering the number of shares in respect of which this Warrant
shall not have been transferred.

 

(c) In case this Warrant shall be mutilated, lost,
stolen or destroyed, the Company shall issue a new warrant of like tenor and
denomination and deliver the same (i) in exchange and substitution for and upon
surrender and cancellation of any mutilated Warrant or (ii) in lieu of any
Warrant lost, stolen or destroyed, upon receipt of an affidavit of the Holder
or other evidence reasonably satisfactory to the Company of the loss, theft or
destruction of such Warrant and an indemnification of loss by the Holder in favor
of the Company.

 

15.                               Rights of Holder.  Holder shall
not, by virtue hereof, be entitled to any rights of a stockholder of the
Company, either at law or equity, and the rights of Holder are limited to those
expressed in this Warrant.  Nothing contained in this Warrant shall be
construed as conferring upon the Holder hereof the right to vote or to consent
or to receive notice as a stockholder of the Company on any matters or with
respect to any rights whatsoever as a stockholder of the Company.  No dividends
or interest shall be payable or accrued in respect of this Warrant or the
interest represented hereby or the Shares purchasable hereunder until, and only
to the extent that, this Warrant shall have been exercised in accordance with
its terms.

 

16.                               Limitation of Liability. 
No provision hereof, in the absence of any affirmative action by Holder
to exercise this Warrant or purchase Warrant Shares and no enumeration herein
of the rights or privileges of Holder, shall give rise to any liability of
Holder for the purchase price of any Common Stock or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

 

17.                               No Impairment.

 

(a)  Except and to the extent as waived or
consented to by the Holder, the Company will not, by amendment of its
Certificate of Incorporation or through any reclassification, capital
reorganization, consolidation, merger, sale or conveyance of assets,
dissolution, liquidation, issue or sale of securities or any other voluntary action,
or the reduction of the par value of its Common Stock, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at
all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder.

 

(b)  If any event
occurs as to which the provisions of this Warrant are not strictly applicable
but the failure to make any adjustment would not fairly and adequately protect
the purchase rights of the Warrant in accordance with the intent and principles
of such provisions, then there shall be made such adjustments in the
application of such provisions, in accordance with such intent and principles,
as shall be reasonably necessary to protect such purchase rights of the
Warrants, but in no event shall any such adjustment have the effect of
increasing the Purchase Price (unless to the extent contemplated by
Section 10).

 

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18.                                Governing Law.  This Agreement shall be governed
in all respects by and construed in accordance with the laws of the State of
Delaware without any regard to conflicts of laws principles.

 

19.                               Successors and Assigns.  This Warrant shall be binding upon
the Company’s successors and assigns and shall inure to the benefit of the
Holder’s successors, legal representatives and permitted assigns.

 

20.                               Business Days.  If the last or appointed day for
the taking of any action required or the expiration of any rights granted
herein shall be a Saturday or Sunday or a legal holiday in Massachusetts, then
such action may be taken or right may be exercised on the next succeeding day
which is not a Saturday or Sunday or such a legal holiday.

 

[remainder
of page intentionally left blank]

 

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IN
WITNESS WHEREOF, the Company
has duly caused this Warrant to be signed by its duly authorized officer and to
be dated as of the date first written above.

 

 

	
   

  	
  Company:

  
	
   

  	
   

  
	
   

  	
  ADVANCED MAGNETICS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Jerome Goldstein

  
	
   

  	
   

  	
  Title:

  	
  President

  
					

 

[Signature Page to Common Stock Purchase Warrant]

 

 

ADVANCED MAGNETICS, INC.

 

NOTICE OF EXERCISE

 

 

(1)                                  The
undersigned hereby:

 

 

	
  [           ]

  	
   

  	
  elects to purchase                            
  shares of Common Stock of the Company pursuant to the terms of the attached
  Warrant, and tenders herewith payment of the purchase price of such shares in
  full, together with all applicable transfer taxes, if any.

  
	
   

  	
   

  	
   

  
	
  [           ]

  	
   

  	
  elects to exercise its net issuance rights
  pursuant to Section 4 of the attached Warrant with respect to                             
  shares of Common Stock, and shall tender payment of all applicable transfer
  taxes, if any.

  

 

(2)                                  Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified below:

 

 

(Name)

 

 

(Address)

 

(3)                                  The
undersigned represents that the aforesaid shares are being acquired for the
account of the undersigned for investment and not with a view to, or for resale
in connection with, the distribution thereof and that the undersigned has no
present intention of distributing or reselling such shares, all except as in
compliance with applicable securities laws.

 

	
   

  	
   

  	
   

  	
   

  
	
  (Date)

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Print name)

  

 

 

ADVANCED MAGNETICS, INC.

 

NOTICE OF ASSIGNMENT OF WARRANT

 

For value received                              
hereby sells, assigns and transfers unto

 

[Please
print or type the name and address of Assignee]

 

the within Warrant, and does hereby irrevocably
constitute and appoint                                        
its attorney to transfer the within Warrant on the books of the within named
Company with full power of substitution on the premises.

 

 

	
  DATED:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  
	
   

  
	
  IN THE PRESENCE OF:Exhibit 10.1

 

Execution Copy

 

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE
AGREEMENT (this “Agreement”) is made as of June 1,
2005, by and among Advanced Magnetics, Inc.,
a Delaware corporation (the “Company”), and each of those persons and entities,
severally and not jointly, whose names are set forth on the Schedule of
Purchasers attached hereto as Exhibit A (which
persons and entities are hereinafter collectively referred to as “Purchasers” and each
individually as a “Purchaser”).

 

RECITALS

 

WHEREAS,
the Company has authorized the sale and issuance of Units, consisting of common
stock and warrants, as provided herein;

 

WHEREAS,
at the Closing (as defined herein), the Company desires to sell, and each
Purchaser desires to purchase, severally and not jointly, the Units upon the
terms and conditions stated in this Agreement; and

 

NOW,
THEREFORE, in consideration of the foregoing
recitals and the mutual promises, representations, warranties and covenants
hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE 1

AUTHORIZATION AND SALE OF SECURITIES

 

1.1  Authorization.  The
Company has authorized the sale and issuance of up to 290,525 units (the “Units”), each Unit
consisting of five (5) shares of its common stock (the “Common Shares”) and (b) a
warrant to purchase one (1) share of its common stock.   The Warrants shall be substantially in the
form attached hereto as Exhibit B
(the “Warrants”).

 

1.2  Sale of Units.  At the
Closing, subject to the terms and conditions of this Agreement, the Company
agrees to issue and sell to each Purchaser, severally and not jointly, and each
Purchaser agrees to purchase from the Company, severally and not jointly, Units
consisting of:

 

(a)  The number of
Common Shares set forth opposite such Purchaser’s name on Exhibit A under the heading “Common
Shares”; and

 

(b)  Warrants to
purchase the number of shares of Common Stock set forth opposite such Purchaser’s
name on Exhibit A under the
heading “Warrant Shares”, which
Warrants shall have an exercise price equal to $13.00 per share of Common Stock
(the “Warrant Price”).  The shares of common stock issuable upon
exercise of the Warrants are referred to herein as the “Warrant Shares”.  The Units, Common Shares and the Warrants are
sometimes collectively referred to herein as the “Securities”.

 

 

The purchase price per
Common Share shall equal $ 47.50

 

1.3  Independent Nature of Investors’ Obligations and Rights. 
The obligations of each Purchaser under this Agreement are several and not
joint with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser hereunder.  The decision of each Purchaser to purchase the Units
pursuant to this Agreement or the warrants has been made by such Purchaser
independently of any other Purchaser.  Nothing contained herein or
therein, and no action taken by any Purchaser pursuant hereto or thereto, shall
be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated hereby.  Each Purchaser
acknowledges that no other Purchaser has acted as agent for such Purchaser in
connection with making its investment hereunder and that no Purchaser will be
acting as agent of such Purchaser in connection with monitoring its investment
in the Units or enforcing its rights under this Agreement.  Each Purchaser
shall be entitled to independently protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not
be necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

 

ARTICLE 2

CLOSING DATE; DELIVERY

 

2.1  Closing Date.  The
closing of the purchase and sale of the Common Shares and Warrants hereunder
(the “Closing”)
shall be held at the offices of Debevoise & Plimpton LLP, 919 Third
Avenue, New York, NY, at 10:00 a.m. New York time on the date hereof or at
such other time and place upon which the Company and the Purchasers purchasing,
in the aggregate, the majority of the Units (the “Majority in Interest”) shall agree.

 

2.2  Delivery.  At the
Closing, the Company will deliver to each Purchaser a duly executed Warrant
representing the right to purchase the number of Warrant Shares which such
Purchaser is entitled to purchase and either (1) a share certificate
representing the number of Common Shares being purchased by such Purchaser or (2) evidence
of book entry annotation by the Company’s transfer agent, registered in the
Purchaser’s name as shown on Exhibit A.  Such delivery shall be against payment of the
purchase price therefor by wire transfer of immediately available funds to the
Company in accordance with the Company’s written wiring instructions, which
instructions shall have been delivered to Purchasers’ counsel.  The Company shall also deliver to the
Purchasers (a) an opinion of Sullivan & Worcester LLP, counsel to
the Company, in form and substance satisfactory to the Majority in Interest, (b) a
certificate from a duly authorized officer of the Company certifying that the
representations made by the Company in Article 3 are true and correct as
of the Closing and (c) a prospectus supplement covering the Units.

 

2

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to the Purchasers, as of the date hereof, as follows:

 

3.1  Organization and Standing.  The
Company is a corporation duly organized and validly existing under, and by
virtue of, the laws of the State of Delaware and is in good standing under the
laws of said state, with requisite corporate power and authority to own its
properties and assets and to carry on its business as currently conducted.  The Company is not in violation of any of the
provisions of its Certificate of Incorporation (the “Certificate”) or
Bylaws.

 

3.2  Corporate Power; Authorization.  The
Company has all requisite legal and corporate power and has taken all requisite
corporate action to execute and deliver this Agreement, to sell and issue the
Securities, to issue the Warrant Shares upon exercise of the Warrants in
accordance with the terms of such Warrants, and to carry out and perform all of
its obligations under this Agreement and the Warrants.  This Agreement constitutes, and upon
execution and delivery by the Company of the Warrants, the Warrants will
constitute, legal, valid and binding obligations of the Company, enforceable in
accordance with their respective terms, except (a) as limited by
applicable bankruptcy, insolvency, reorganization or similar laws relating to
or affecting the enforcement of creditors’ rights generally and (b) as
limited by equitable principles generally. The execution and delivery of this
Agreement and the Warrants does
not, and the performance of this Agreement and the Warrants and the compliance
with the provisions hereof and thereof, including the issuance, sale and
delivery of the Securities by the Company will not, conflict with, or result in
a breach or violation of the terms, conditions or provisions of, or constitute
a default under, or result in the creation or imposition of any lien pursuant
to the terms of, the Certificate or Bylaws of the Company, each as amended to
date, or any statute, law, rule or regulation or any state or federal
order, judgment or decree or any indenture, mortgage, lease or other agreement
or instrument to which the Company or any of its properties is subject, except
for any conflict, breach, violation, default or imposition of a lien (other
than pursuant to the terms of the Certificate or Bylaws) that would not,
individually or in the aggregate, reasonably be expected to have a material
adverse effect on the assets, liabilities, financial condition, business or
operations of the Company.

 

3.3  Issuance and Delivery of the Securities.  The
Common Shares are duly authorized and, when issued at the Closing, will be
validly issued, fully paid and nonassessable.  The Warrant Shares are duly
authorized and, upon exercise of the Warrants in accordance with the terms thereof
will be validly issued, fully paid and nonassessable.  The issuance and
delivery of the Securities is not subject to any right of first refusal,
preemptive right, right of participation, or any similar right existing in
favor of any person or any liens or encumbrances.  When issued in
compliance with the provisions of this Agreement and the Certificate, the
issuance of the Securities hereunder does not require the approval of the
Company’s stockholders under the provisions of the Certificate or the Delaware
General Corporation Law, or, based on oral advice received from the
representatives of the American Stock Exchange, the listing rules of the
American Stock Exchange.

 

3

 

3.4  SEC Documents; Financial Statements.  Each
report and proxy statement delivered to the Purchasers is a true and complete
copy of such document as filed by the Company with the Securities and
Exchange Commission (the “SEC”).
The Company has filed in a timely manner all documents that the Company was
required to file with the SEC such documents, together with the exhibits
thereto, (the “SEC
Documents”) under the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”), during the twelve calendar months preceding the date
hereof.  As of their respective filing
dates, all SEC Documents complied in all material respects with the
requirements of the Exchange Act.  None of the SEC Documents as of their
respective dates contained any untrue statement of material fact or omitted to
state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances under which they were
made, not misleading.  The financial statements of the Company included in
the SEC Documents (the “Financial
Statements”) comply in all material respects with applicable
accounting requirements and with the published rules and regulations of
the SEC with respect thereto.  The Financial Statements have been prepared
in accordance with generally accepted accounting principles consistently
applied and fairly present the consolidated financial position of the Company
and its subsidiaries, if any, at the dates thereof and the consolidated results
of their operations and consolidated cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal, recurring adjustments
or to the extent that such unaudited statements do not include footnotes).

 

3.5  Governmental Consents.  No
consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any federal, state, or local
governmental authority on the part of the Company is required in connection
with the consummation of the transactions contemplated by this Agreement except
for (a) compliance with the securities and blue sky laws in the states in
which the Common Shares and Warrants are offered and/or sold, which offer and
sale will be effected in compliance with such laws, and (b) the filing of
the an application to list the Common Shares and the Warrant Shares with the
American Stock Exchange.

 

3.6  Capitalization.

 

(a)  The authorized
capital stock of the Company consists of (a) 15,000,000 shares of Common
Stock of which, as of May 31, 2005, 8,050,113 shares were outstanding, and
(b) 2,000,000 shares of Preferred Stock, $0.01 par value, none of which
are outstanding as of the date hereof.

 

(b) Except
(i) as disclosed to the Purchasers in writing or (ii) as contemplated
herein, there are no outstanding warrants, options, convertible or exchangeable
securities or other rights, agreements or arrangements of any character under
which the Company is or may be obligated to issue any equity securities of any
kind.

 

3.7  Litigation.  Except
as disclosed to the Purchasers in writing and except as disclosed in the SEC
Documents, there are no actions, suits, proceedings or investigations pending
or, to the best of the Company’s knowledge, threatened against the Company or
any of its properties before or by any court or arbitrator or any governmental
body, agency or official in which there is a reasonable likelihood (in the
reasonable judgment of the Company) of an adverse decision

 

4

 

that
(a) could have a material adverse effect on the assets, liabilities,
financial condition, business or operations of the Company, or (b) could
impair the ability of the Company to perform in any material respect its
obligations under this Agreement or the Warrants.

 

3.8  Company not an “Investment Company”.  The Company has been advised by competent
counsel of the rules and requirements under the Investment Company Act of
1940, as amended (the “Investment
Company Act”).  The Company is not, and immediately after
receipt of payment for the Units will not be, an “investment company” or an
entity “controlled” by an “investment company” within the meaning of the
Investment Company Act and shall conduct its business in a manner so that it
will not become subject to the Investment Company Act.

 

3.9  AMEX Compliance.  The Company’s Common Stock is registered
pursuant to Section 12(g) of the Exchange Act and is listed on the
American Stock Exchange, and the Company has taken no action designed for the
purpose of, or likely to have the effect of, terminating the registration of
its Common Stock under the Exchange Act or de-listing the Common Stock from the
American Stock Exchange, nor has the Company received any notification that the
SEC or the American Stock Exchange is contemplating terminating such
registration or listing.  The Company is
in material compliance with the listing and maintenance requirements for
continued listing of the Common Stock on the American Stock Exchange.

 

3.10  Use of Proceeds.  The proceeds of the sale of the Units shall
be used by the Company for development of the Company’s products, working
capital and general corporate purposes.

 

3.11  Brokers and Finders.  Except as otherwise disclosed to the
Purchasers in writing prior to the date hereof, no person or entity will have,
as a result of or in connection with the transactions contemplated by this
Agreement, any valid right, interest or claim against or upon the Company or
any Purchaser for any commission, fee or other compensation pursuant to any
agreement, arrangement or understanding, written or oral, entered into by or on
behalf of the Company.

 

3.12  Intellectual Property.

 

(a)  “Intellectual Property”
shall mean patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, trade secrets, licenses, information and
other proprietary rights and processes.

 

(b)  Except as
disclosed in the SEC Documents and to the best knowledge of the Company, the
Company owns or has the valid right to use all of the Intellectual Property
that is necessary for the conduct of the Company’s business as currently
conducted or as currently proposed to be conducted with respect to products
currently in clinical trials or about to enter into clinical trials, free and
clear of all material liens and encumbrances.

 

(c)  Except as
disclosed to the Purchasers in writing or as disclosed in the SEC Documents and
to the knowledge of the Company, (i) the conduct of the Company’s business
as currently conducted does not infringe or otherwise conflict with
(collectively, “Infringe”)
any

 

5

 

Intellectual
Property rights of any third party or any confidentiality obligation owed by
the Company to a third party and the Company has not received any written
notice of any such Infringement, and (ii) the Intellectual Property and
confidential information of the Company are not being Infringed by any third
party.

 

(d)  Each employee,
consultant and contractor of the Company who has had access to confidential
information of the Company which is necessary for the conduct of Company’s
business as currently conducted or as currently proposed to be conducted has
executed an agreement to maintain the confidentiality of such confidential
information and has executed agreements that are substantially consistent with
the Company’s standard forms thereof.

 

3.13  Questionable Payments.  Neither the Company nor, to the best
knowledge of the Company, any of its current or former stockholders, directors,
officers, employees, agents or other persons acting on behalf of the Company,
has on behalf of the Company or in connection with its business: (a) used
any corporate funds for unlawful contributions, gifts, entertainment or other
unlawful expenses relating to political activity; (b) made any direct or
indirect unlawful payments to any governmental officials or employees from
corporate funds; (c) established or maintained any unlawful or unrecorded
fund of corporate monies or other assets; (d) made any false or fictitious
entries on the books and records of the Company; or (e) made any unlawful
bribe, rebate, payoff, influence payment, kickback or other unlawful payment of
any nature.

 

3.14  Transactions with Affiliates. 
Except as disclosed in the SEC Documents, none of the officers, directors or
shareholders of the Company and, to the best knowledge of the Company, none of
the employees of the Company is presently a party to any transaction with the
Company or to a presently contemplated transaction (other than for services as
employees, officers and directors) that would be required to be disclosed
pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of
1933.

 

3.15  Insurance.  The Company maintains and will continue to
maintain insurance with financially sound and reputable insurers in such
amounts and covering such risks and in such amounts as are reasonably adequate,
prudent and consistent with industry practice for the conduct of its business
and the value of its property, all of which insurance is in full force and
effect.  The Company has not received notice
from, and has no knowledge of any threat by, any insurer that has issued any
insurance policy to the Company that such insurer intends to deny coverage
under or cancel, discontinue or not renew any insurance policy in force as of
the date hereof.

 

3.16  No Additional Agreements. 
The Company does not have any agreement or understanding with any Purchaser
with respect to the transactions contemplated by this Agreement other than as
specified in this Agreement.

 

3.17  Absence of Undisclosed Liabilities. 
The Company has no material liabilities of any nature (whether absolute,
accrued, contingent or otherwise), except (i) as and to the extent
reflected in the Financial Statements as of and for the period ended March 31,
2005, and (ii) for liabilities that have been incurred in the ordinary
course of business consistent with past practice

 

6

 

since
March 31, 2005 and that would not, individually and in the aggregate,
reasonably be expected to have a material adverse effect on the assets,
financial condition, business or operations of the Company.

 

3.18  Governmental Authorizations.  The
Company has all permits, licenses and other authorizations of governmental
authorities that are required for the conduct of its business and operations as
currently conducted or as currently proposed to be conducted (including
permits, licenses and other authorizations of the Food and Drug Administration
and comparable regulatory agencies in state and local jurisdictions and in foreign
countries), the lack of which could materially and adversely affect the assets,
financial condition, business or operations of the Company, except as described
in the SEC Documents and for permits, licenses and other authorizations of the
Food and Drug Administration and comparable regulatory agencies in state and
local jurisdictions and in foreign countries that the Company needs to obtain
for the further development and the production and marketing of its products
under development.  The Company is, and at all times has been, in
compliance with the provisions of its material permits, licenses and other
governmental authorizations.

 

3.19  No Material Adverse Change.  Except as
otherwise disclosed herein or in the SEC Documents, since March 31, 2005,
there have not been any changes in the assets, liabilities, financial condition
or operations of the Company from that reflected in the Financial Statements
except changes in the ordinary course of business which have not been, either
individually or in the aggregate, materially adverse.  The Company does not have pending before the
Commission any request for confidential treatment of information.

 

3.20  Registration Statement.  A registration statement on Form S-3
(File No.333— 119682) (the “Initial Registration Statement”) in respect of the
Common Shares, the Warrants and the Common Shares issuable upon exercise of the
Warrants has been filed with the SEC; the Initial Registration Statement and
any post-effective amendment thereto have been declared effective by the SEC;
other than a registration statement, if any , increasing the size of the
offering, filed pursuant to Rule 462(b) under the Securities Act,
which became effective upon filing, no other document with respect to the
Initial Registration Statement or document incorporated by reference therein
has heretofore been filed with the SEC; and no stop order suspending the
effectiveness of the Initial Registration Statement, any post-effective
amendment thereto or any rule 462(b) registration statement (such
documents collectively, and together with any documents incorporated by
reference therein, the “Registration
Statement”), if any, has been issued and no proceeding for that
purpose has been initiated or threatened by the SEC.  The Registration Statement, including the
prospectus included therein, conforms and any further amendments or supplements
to the Registration Statement or the prospectus included therein will conform,
in all material respects to the requirements of the Securities Act and the rules and
regulations of the SEC thereunder and do not and will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading.  No order preventing or suspending the use of
any preliminary prospectus included in or filed in connection with the Initial
Registration Statement has been issued by the SEC.

 

7

 

3.21  Listing.  All of the Common Stock sold hereunder is
listed for trading on the American Stock Exchange.

 

3.22  Internal Accounting Controls.  The Company maintains a system of internal
accounting controls sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific
authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain
asset accountability, (iii) access to assets is permitted only in
accordance with management’s general or specific authorization, and (iv) the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.  The Company has established
disclosure controls and procedures (as defined in Exchange Rules 13a-15
and 15d-15) for the Company and designed such disclosure controls and
procedures to ensure that material information relating to the Company is made
known to the certifying officers by others within those entities, particularly
during the period in which the Company’s Form 10-K or 10-Q, as the case
may be, is being prepared.

 

3.23  Title to Assets.  The Company has good and marketable title in
fee simple to all real property owned by it that is material to the business of
the Company and good and marketable title in all tangible personal property
owned by them that is material to the business of the Company in each case free
and clear of all liens, except for liens as do not materially affect the value
of such property and do not materially interfere with the use made and proposed
to be made of such property by the Company and liens for the payment of
federal, state or other taxes, the payment of which is neither delinquent nor
subject to penalties.  Any real property
and facilities held under lease by the Company is held by it under valid,
subsisting and enforceable leases with which the Company is in material
compliance.

 

3.24  Ferumoxytol Clinical Trials.  (a) No
serious adverse event related to ferumoxytol in the ferumoxytol Phase III iron
replacement therapy clinical trials has been reported to the Company, (b) to
the knowledge of the Company, no events of moderate or severe hypotension
related to ferumoxytol in the ferumoxytol Phase III iron replacement therapy
clinical trials have occurred, (c) since initiating the ferumoxytol Phase
III iron replacement therapy program in April 2004, the Company has not
been informed by the FDA of any suggested modifications to the size or primary
endpoint of the ferumoxytol Phase III iron replacement therapy clinical trials
and (d) since April 2004 the FDA has not notified the Company of any
material deficiencies relating to the ferumoxytol Phase III iron replacement
therapy clinical trials.

 

3.25  Registration Rights.  Except as disclosed to the Purchasers in
writing, the Company has not granted or agreed to grant to any person any
rights (including “piggy back” registration rights) to have any securities of
the Company registered with the SEC or any other governmental authority.

 

3.26
Material Non-Public Information.  The Company confirms that it has not provided
any of the Purchasers or their agents or counsel with any information that
constitutes or might constitute material non-public information as of the
Closing Date.  The Company understands
and confirms that the Purchasers shall be relying on the foregoing
representations in effecting transactions in securities of the Company.

 

8

 

ARTICLE 4

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS

 

Each Purchaser hereby
severally represents and warrants to the Company:

 

4.1  Authorization.  (a) Purchaser
has all requisite legal and corporate or other power and capacity and has taken
all requisite corporate or other action to execute and deliver this Agreement,
to purchase the Common Shares and the Warrants to be purchased by it and to
carry out and perform all of its obligations under this Agreement, and (b) this
Agreement constitutes the legal, valid and binding obligation of such
Purchaser, enforceable in accordance with its terms, except (i) as limited
by applicable bankruptcy, insolvency, reorganization, or similar laws relating
to or affecting the enforcement of creditors’ rights generally and (ii) as
limited by equitable principles generally.

 

4.2  No Legal, Tax or Investment Advice.  Purchaser
understands that nothing in this Agreement or any other materials presented to
Purchaser in connection with the purchase and sale of the Common Shares and the
Warrants constitutes legal, tax or investment advice.  Purchaser has
consulted such legal, tax and investment advisors as it, in its sole
discretion, has deemed necessary or appropriate in connection with its purchase
of the Units.

 

ARTICLE 5

ADDITIONAL AGREEMENTS OF THE COMPANY

 

5.1  Securities Laws
Disclosure; Publicity.  The
Company shall, by 8:30 a.m. Eastern time on the business day following the
date of this Agreement, issue a press release or file a Current Report on Form 8-K,
in each case reasonably acceptable to the Majority in Interest on behalf of the
Purchasers, disclosing the transactions contemplated hereby.  The Company and the Majority in Interest
shall consult with each other in issuing any press releases with respect to the
transactions contemplated hereby, and none of the Company, the Majority in
Interest, or any Purchaser shall issue any such press release or otherwise make
any such public statement without the prior consent of the Company, with
respect to any press release of the Majority in Interest or any Purchaser, or
without the prior consent of the Majority in Interest on behalf of the
Purchasers, with respect to any press release of the Company, which consent
shall not unreasonably be withheld, except if such disclosure is required by
law, in which case the disclosing party shall promptly provide the other party
with notice of such public statement or communication and consult with each
other with respect thereto prior to such public disclosure.  Notwithstanding the foregoing, other than as
set forth above, the Company shall not publicly disclose the name of any
Purchaser, or include the name of any Purchaser in any filing with the
Commission or any regulatory agency or stock exchange, except to the extent
such disclosure is required by law or stock exchange regulation, in which case
the Company shall provide the Purchasers with prior notice of such disclosure.

 

9

 

5.2  Listing of Common Stock.  The Company
hereby agrees to use commercially reasonably efforts to maintain the listing on
the American Stock Exchange of the Common Stock sold hereunder or issuable upon
exercise of the Warrants.  The Company
further agrees, if the Company applies to have its Common Stock traded on any
other stock exchange or quotation system, it will include in such application
the Common Stock sold hereunder or issuable upon exercise of the Warrants, and
will take such other action as is necessary or desirable in the opinion of the
Purchasers to cause the Common Stock sold hereunder or issuable upon exercise
of the Warrants to be listed on such other stock exchange or quotation system
as promptly as possible.

 

ARTICLE 6

MISCELLANEOUS

 

6.1  Waivers and Amendments.  The terms of this Agreement may be waived or
amended only upon the written consent of the Company and the Majority in
Interest.

 

6.2  Governing Law.  This
Agreement shall be governed in all respects by and construed in accordance with
the laws of the State of Delaware without any regard to conflicts of laws
principles.

 

6.3  Survival.  The
representations, warranties, covenants and agreements made in this Agreement
shall survive any investigation made by the Company or the Purchasers and the
Closing.

 

6.4  Successors and Assigns.  No
Purchaser shall assign this Agreement without the prior written consent of the
Company.

 

6.5  Entire Agreement.  This
Agreement, the Warrants and any Confidentiality Agreement between the Company
and the Purchasers (the “CDAs”)
constitute the full and entire understanding and agreement between the parties
with regard to the subjects thereof.  The
CDAs are hereby amended to the extent necessary to allow any Purchaser to
purchase the Units under this Agreement or pursuant to exercise of the
Warrants.  The CDAs shall not be
interpreted to limit the Purchasers’ rights as shareholders of the Company.

 

6.6  Notices, etc.  All
notices and other communications required or permitted under this Agreement
shall be in writing and may be delivered in person, by telecopy, overnight delivery
service or registered or certified United States mail, addressed to the Company
or each of the Purchasers, as the case may be, at their respective addresses
set forth at the beginning of this Agreement or on Exhibit A, or at such other address as the Company, on
the one hand, or a Purchaser, on the other hand, shall have furnished to the
other party in writing. All notices and other communications shall be effective
upon the earlier of actual receipt thereof by the person to whom notice is
directed or (a) in the case of notices and communications sent by personal
delivery or telecopy, one business day after such notice or communication
arrives at the applicable address or was successfully sent to the applicable
telecopy number, (b) in the case of notices and communications sent by
overnight delivery service, at noon (local time) on the

 

10

 

second
business day following the day such notice or communication was sent, and (c) in
the case of notices and communications sent by United States mail, seven days
after such notice or communication shall have been deposited in the United
States mail.

 

6.7  Severability of this Agreement.  If
any provision of this Agreement shall be judicially determined to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

6.8  Counterparts; Signatures by Facsimile.  This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one instrument. 
This Agreement, once executed by a party, may be delivered to the other parties
hereto by facsimile transmission of a copy of this Agreement bearing the signature
of the party so delivering this Agreement.

 

6.9  Further Assurances.  Each
party to this Agreement shall do and perform or cause to be done and performed
all such further acts and things and shall execute and deliver all such other
agreements, certificates, instruments and documents as the other party hereto
may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

6.10  Expenses.  Each party shall bear its own expenses, except
that the Company agrees to reimburse the Purchasers for the reasonable,
documented fees and expenses of their counsel with respect to this Agreement
and the transactions contemplated hereby up to a maximum amount of $85,000.

 

6.11  Replacement of Securities.  If any certificate or instrument evidencing
any Securities is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation
thereof, or in lieu of and substitution therefore, a new certificate or
instrument, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction and customary and reasonable
indemnity, if requested.  The applicants
for a new certificate or instrument under such circumstances shall also pay any
reasonable third-party costs associated with the issuance of such replacement
Securities.

 

11

 

IN
WITNESS WHEREOF, this
Agreement is hereby executed as of the date first above written.

 

	
   

  	
  ADVANCED MAGNETICS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jerome Goldstein

  	
   

  
	
   

  	
  Name: Jerome Goldstein

  
	
   

  	
  Title: President

  

 

 

[Purchaser Signature Blocks Appear on Following Page(s)]

 

 

	
   

  	
  By: /s/ Brian J.G. Pereira

  	
   

  
	
   

  	
  Brian J.G. Pereira

  

 

 

	
   

  	
  BIOMEDICAL
  VALUE FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Great Point GP, LLC

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dr. Jeffrey R. Jay, MD

  	
   

  
	
   

  	
  Name:

  	
  Dr. Jeffrey R.
  Jay, MD

  
	
   

  	
  Title:

  	
  Senior Managing Member

  
					

 

 

	
   

  	
  BIOMEDICAL OFFSHORE

  VALUE FUND LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Great Point Partners, LLC

  
	
   

  	
  Its: 

  	
  Investment Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dr. Jeffrey R. Jay, MD

  	
   

  
	
   

  	
  Name:

  	
  Dr. Jeffrey R.
  Jay, MD

  
	
   

  	
  Title: 

  	
  Senior Managing Member

  
					

 

 

	
   

  	
  /s/ Jeffrey R. Jay

  	
   

  
	
   

  	
  Jeffrey R. Jay

  

 

 

EXHIBIT A

 

SCHEDULE OF PURCHASERS

 

	
  PURCHASER

  	
   

  	
  AGGREGATE

  PURCHASE

  PRICE

  	
   

  	
  COMMON

  SHARES

  UNDERLYING

  UNITS

  	
   

  	
  WARRANT

  SHARES

  UNDERLYING

  UNITS

  	
   

  
	
  Biomedical
  Offshore Value Fund Ltd.

  2 Pickwick Plaza, Suite 450

  Greenwich, CT 06830

  	
   

  	
  $

  	
  6,650,000.00

  	
   

  	
  700,000

  	
   

  	
  140,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Biomedical Value
  Fund, L.P.

  2 Pickwick Plaza, Suite 450

  Greenwich, CT 06830

  	
   

  	
  $

  	
  6,499,995.00

  	
   

  	
  684,210

  	
   

  	
  136,842

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jeffrey R. Jay

  2 Pickwick Plaza, Suite 450

  Greenwich, CT 06830

  	
   

  	
  $

  	
  499,985.00

  	
   

  	
  52,630

  	
   

  	
  10,526

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Brian J.G.
  Pereira

  c/o Tufts-New England

  Medical Center

  750 Washington Street, Box 5224

  Boston, MA 02111

  	
   

  	
  $

  	
  149,957.50

  	
   

  	
  15,785

  	
   

  	
  3,157

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  13,799,937.50

  	
   

  	
  1,452,625

  	
   

  	
  290,525

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