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ADVANCED MAGNETICS, INC.
Exhibit 11 - Statement re: Computation of Per Share Earnings
Attached to and made part of Part II of Form 10-Q for the
Three-Month Periods Ended December 31, 1996 and 1995 (unaudited)
December 31
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1996 1995
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Weighted average number of shares issued and outstanding 6,742,358 6,756,072
Common stock equivalents ............................... 90,817 -0-
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As adjusted ............................................ 6,833,175 6,756,072
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As a result of a net loss in the quarter ended December 31, 1995, common stock
equivalents are not included in the calculation of weighted average shares when
their effect would be antidilutive.
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