1



                                  Exhibit 23.1




                      CONSENT OF INDEPENDENT ACCOUNTANTS


      We consent to the incorporation by reference in this Registration
Statement of Advanced Magnetics, Inc. on Form S-8 of our report which includes
an explanatory paragraph regarding the adoption of Statement of Financial
Accounting Standards No. 115 dated November 6, 1996 on our audits of the
consolidated financial statements of Advanced Magnetics, Inc. as of September
30, 1996 and 1995, which report is included in the 1996 Annual Report of
Advanced Magnetics, Inc. on Form 10-K.





                                            COOPERS & LYBRAND L.L.P.


Boston, Massachusetts
May 29, 1997