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                                                                    EXHIBIT 23.1

                         CONSENT OF INDEPENDENT ACCOUNTANTS

     We consent to the incorporation by reference in the Registration Statements
of Advanced Magnetics, Inc. on Forms S-8 (File Nos. 33-8697, 33-13953, 33-40744,
33-46963, and 333-28417) of our report, dated November 9, 1999, on our audits of
the financial statements of Advanced Magnetics, Inc. as of September 30, 1999
and 1998, and for the years ended September 30, 1999, 1998, and 1997, which
report is included in this Annual Report on Form 10-K.

/s/  PRICEWATERHOUSECOOPERS LLP

Boston, Massachusetts
December 17, 1999