Advanced Magnetics inks university deal

Pharmaceutical developer Advanced Magnetics of Cambridge, MA, has signed a research agreement to develop new nucleoside therapeutic drugs with the University of Minnesota in Minneapolis. Under the deal, Advanced Magnetics over the next three years will sponsor research led by Dr. Carston Wagner to develop drug candidates with anti-viral or anti-tumor characteristics. The deal is part of the company’s plan to diversify from its core MRI contrast agent market (SCAN 3/18/98).