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AMAG Pharmaceuticals

2007

Annual Report

Results

Successes

Opportunity

Management Team Brian J.G. Pereira, M.D.President and CEO

Lee F. Allen, M.D., Ph.D.Chief Medical Officer and Senior Vice President, Clinical Development David A. ArkowitzChief Financial Officer andChief Business Officer Louis Brenner, M.D.Senior Vice President

Timothy G. HealeySenior Vice President, Commercial Operations

Joseph L. FarmerGeneral Counsel and Vice President, Legal Affairs

Jerome M. Lewis, Ph.D.Vice President, Scientific Operations Christopher WhiteVice President, Business Development andCorporate Planning

Corporate AddressAMAG Pharmaceuticals, Inc.125 CambridgePark DriveCambridge, MA 02140

Annual MeetingMay 6, 2007, 10:00 a.m.AMAG Pharmaceuticals, Inc.125 CambridgePark DriveCambridge, MA 02140

Outside CounselCooley Godward Kronish LLPThe Prudential Tower800 Boylston St, 46th FlBoston, MA 02199

AccountantsPriceWaterhouseCoopers, LLP125 High StreetBoston, MA 02110

Stock Trading InformationNASDAQ: AMAG

Corporate Communications [email protected](617) 498-3300

Transfer AgentAmerican Stock Transfer59 Maiden LaneNew York, New York 10038800 937-5449

Board of Directors

Brian J.G. Pereira, M.D.President and CEO,AMAG Pharmaceuticals, Inc. Joseph V. Bonventre, M.D., Ph.D.Robert H. Ebert Professor of Medicine at Harvard Medical School, Professor of Health Sciences and Technology at MIT

Dr. Michael D. Loberg, Ph.D.Interim CEO, Inotek Pharmaceuticals Corporation

Michael NarachiChairman, President and CEO, RenPharmaChairman, Naryx Pharma, Inc.

Davey S. ScoonNon-Executive Chairman of the Board of Directors of Tufts Health Plan

Mark SkaletskyChairman, President and CEO,Trine Pharmaceuticals, Inc.

Ron ZwanzigerChairman and CEO,Inverness Medical Innovations, Inc.

Corporate Information

AMAG Pharmaceuticals, Inc. is a biopharmaceutical company

that utilizes its proprietary nanoparticle technology for

the development and commercialization of therapeutic iron

compounds to treat anemia as well as novel imaging agents

to aid in the diagnosis of cancer and cardiovascular disease.

Ferumoxytol, our key product candidate, is being

developed for use as an intravenous (IV) iron replacement

therapeutic for the treatment of iron deficiency anemia (IDA)

in chronic kidney disease (CKD) patients.

Iron is critical to a number of processes in the human body, and Iron is critical to a number of processes in the human body, and

is a key component of the hemoglobin molecule where it serves a is a key component of the hemoglobin molecule where it serves a

vital role in oxygen transport from the lungs to tissues. When we vital role in oxygen transport from the lungs to tissues. When we

breathe in, the oxygen in the air is transferred across the lungs breathe in, the oxygen in the air is transferred across the lungs

into the blood, and is carried by the iron in hemoglobin within the into the blood, and is carried by the iron in hemoglobin within the

red blood cells (RBC) to the rest of the body. Lack of iron in the red blood cells (RBC) to the rest of the body. Lack of iron in the

body is known as iron deficiency and results in defective oxygen body is known as iron deficiency and results in defective oxygen

delivery to the different organs. delivery to the different organs.

When there is an inadequate number of RBC and/or When there is an inadequate number of RBC and/or

hemoglobin due to iron deficiency, the condition is called iron hemoglobin due to iron deficiency, the condition is called iron

deficiency anemia (IDA). Insufficient numbers of RBC are a deficiency anemia (IDA). Insufficient numbers of RBC are a

consequence of blood loss or decreased production of RBC. consequence of blood loss or decreased production of RBC.

Decreased production of RBC can occur in patients with CKD Decreased production of RBC can occur in patients with CKD

because of decreased production of the hormone erythropoietin because of decreased production of the hormone erythropoietin

(EPO) by the diseased kidneys, and in patients with cancer, when (EPO) by the diseased kidneys, and in patients with cancer, when

the bone marrow is resistant to EPO. IDA is a result of inadequate the bone marrow is resistant to EPO. IDA is a result of inadequate

amounts or inadequate absorption of iron in the diet or blood loss.amounts or inadequate absorption of iron in the diet or blood loss.

IDA can cause a number of symptoms including fatigue, IDA can cause a number of symptoms including fatigue,

lethargy, poor concentration, shortness of breath, palpitations, and lethargy, poor concentration, shortness of breath, palpitations, and

dizziness. IDA can be confirmed by blood tests.dizziness. IDA can be confirmed by blood tests.

IV iron replacement therapy plays a major role, along with IV iron replacement therapy plays a major role, along with

EPO, in treating certain types of chronic anemia in patients EPO, in treating certain types of chronic anemia in patients

suffering from CKD. In addition, IDA is present in several diseases suffering from CKD. In addition, IDA is present in several diseases

such as cancer and inflammatory bowel disease, among the such as cancer and inflammatory bowel disease, among the

elderly, and among women with heavy menstrual bleeding or elderly, and among women with heavy menstrual bleeding or

after pregnancy. after pregnancy.

How Iron Works in the Body

“ More than 26 million Americans - one in nine adults - have

chronic kidney disease, and most don’t even know it. More

than 26 million others are at increased risk.“

John Davis, John Davis, CEO of the National Kidney FoundationCEO of the National Kidney Foundation

Our TechnologyOur core technology is based on the Our core technology is based on the

characteristic properties of coated characteristic properties of coated

superparamagnetic iron oxide nanoparticles. superparamagnetic iron oxide nanoparticles. superparamagnetic iron oxide nanoparticles.

Our expertise lies in our ability to Our expertise lies in our ability to Our expertise lies in our ability to Our expertise lies in our ability to Our expertise lies in our ability to Our expertise lies in our ability to

design nanoparticles for pharmaceutical design nanoparticles for pharmaceutical design nanoparticles for pharmaceutical design nanoparticles for pharmaceutical design nanoparticles for pharmaceutical design nanoparticles for pharmaceutical

applications, manufacture nanoparticles applications, manufacture nanoparticles applications, manufacture nanoparticles applications, manufacture nanoparticles applications, manufacture nanoparticles applications, manufacture nanoparticles

in controlled sizes and cover nanoparticles in controlled sizes and cover nanoparticles in controlled sizes and cover nanoparticles in controlled sizes and cover nanoparticles in controlled sizes and cover nanoparticles in controlled sizes and cover nanoparticles

with different coatings depending upon the with different coatings depending upon the with different coatings depending upon the with different coatings depending upon the with different coatings depending upon the with different coatings depending upon the

application for which they will be used. application for which they will be used. application for which they will be used. application for which they will be used. application for which they will be used. application for which they will be used.

Our technology and expertise enable us Our technology and expertise enable us Our technology and expertise enable us Our technology and expertise enable us Our technology and expertise enable us Our technology and expertise enable us

to synthesize, sterilize and stabilize iron to synthesize, sterilize and stabilize iron to synthesize, sterilize and stabilize iron to synthesize, sterilize and stabilize iron to synthesize, sterilize and stabilize iron to synthesize, sterilize and stabilize iron

oxide nanoparticles for use in therapeutic oxide nanoparticles for use in therapeutic oxide nanoparticles for use in therapeutic oxide nanoparticles for use in therapeutic oxide nanoparticles for use in therapeutic oxide nanoparticles for use in therapeutic

pharmaceutical products and magnetic pharmaceutical products and magnetic pharmaceutical products and magnetic pharmaceutical products and magnetic pharmaceutical products and magnetic

resonance imaging (MRI) contrast agents. resonance imaging (MRI) contrast agents.

Ferumoxytol, which was developed using

our core technology and expertise, is

composed of superparamagnetic iron

oxide nanoparticles with a semi-synthetic

carbohydrate coating, polyglucose carbohydrate coating, polyglucose carbohydrate coating, polyglucose

sorbitol carboxymethylether. The iron in sorbitol carboxymethylether. The iron in sorbitol carboxymethylether. The iron in sorbitol carboxymethylether. The iron in sorbitol carboxymethylether. The iron in sorbitol carboxymethylether. The iron in

ferumoxytol is easily utilized by the body ferumoxytol is easily utilized by the body ferumoxytol is easily utilized by the body ferumoxytol is easily utilized by the body ferumoxytol is easily utilized by the body ferumoxytol is easily utilized by the body

and incorporated into the body’s iron stores, and incorporated into the body’s iron stores, and incorporated into the body’s iron stores, and incorporated into the body’s iron stores, and incorporated into the body’s iron stores, and incorporated into the body’s iron stores,

and therefore, ferumoxytol is well suited and therefore, ferumoxytol is well suited and therefore, ferumoxytol is well suited and therefore, ferumoxytol is well suited and therefore, ferumoxytol is well suited and therefore, ferumoxytol is well suited

for use in IV iron replacement therapy. We for use in IV iron replacement therapy. We for use in IV iron replacement therapy. We for use in IV iron replacement therapy. We for use in IV iron replacement therapy. We for use in IV iron replacement therapy. We

believe that ferumoxytol has a number of believe that ferumoxytol has a number of believe that ferumoxytol has a number of believe that ferumoxytol has a number of believe that ferumoxytol has a number of believe that ferumoxytol has a number of

potential advantages over existing IV iron potential advantages over existing IV iron potential advantages over existing IV iron potential advantages over existing IV iron potential advantages over existing IV iron potential advantages over existing IV iron

replacement therapeutics. These include:replacement therapeutics. These include:replacement therapeutics. These include:replacement therapeutics. These include:replacement therapeutics. These include:replacement therapeutics. These include:

••MinimalMinimalMinimalMinimalMinimal immunologicalimmunological reactivity, which

could reduce risk of allergic reactionscould reduce risk of allergic reactions

•Rapid 17-second intravenousintravenous injection

of a 510 mg dose

•The standard one gram course of iron

treatment may be given in less than a week

•Isotonic formulation, which facilitates

direct administration as an injection,

without dilution

••••CanCanCanCan be administered at any time during

dialysis treatmentdialysis treatmentdialysis treatmentdialysis treatment

•Can bebebe storedstored at room temperature

We have patent protection for ferumoxytol We have patent protection for ferumoxytol We have patent protection for ferumoxytol We have patent protection for ferumoxytol We have patent protection for ferumoxytol

in the U.S. that extends to 2020 and in the U.S. that extends to 2020 and in the U.S. that extends to 2020 and in the U.S. that extends to 2020 and in the U.S. that extends to 2020 and

includes composition of matter, process includes composition of matter, process includes composition of matter, process includes composition of matter, process includes composition of matter, process

and use. We have the exclusive world wide and use. We have the exclusive world wide and use. We have the exclusive world wide and use. We have the exclusive world wide and use. We have the exclusive world wide

rights to market and sell ferumoxytol.rights to market and sell ferumoxytol.rights to market and sell ferumoxytol.rights to market and sell ferumoxytol.rights to market and sell ferumoxytol.

IDA is common in CKD patients and can be caused by decreased IDA is common in CKD patients and can be caused by decreased

nutritional intake, poor absorption, multiple blood draws for tests, nutritional intake, poor absorption, multiple blood draws for tests,

hospitalizations, interventional procedures and gastrointestinal hospitalizations, interventional procedures and gastrointestinal

bleeding. Dialysis dependent patients experience additional blood bleeding. Dialysis dependent patients experience additional blood

loss during the dialysis procedure itself. As a result, the majority of loss during the dialysis procedure itself. As a result, the majority of

CKD patients eventually develop IDA and require iron replacement CKD patients eventually develop IDA and require iron replacement

therapy. We believe that ferumoxytol’s unique design, potential for therapy. We believe that ferumoxytol’s unique design, potential for therapy. We believe that ferumoxytol’s unique design, potential for

convenient dosing, and stability at room temperature could offer convenient dosing, and stability at room temperature could offer convenient dosing, and stability at room temperature could offer

advantages over currently marketed IV irons. advantages over currently marketed IV irons. advantages over currently marketed IV irons.

The U.S. dialysis dependent market is a large, established The U.S. dialysis dependent market is a large, established

market. Almost all of the estimated 363,000 patients currently on market. Almost all of the estimated 363,000 patients currently on

dialysis require iron supplementation. In 2007, sales of IV iron in dialysis require iron supplementation. In 2007, sales of IV iron in

the U.S. were estimated to be approximately $500 million. This the U.S. were estimated to be approximately $500 million. This

patient group is growing at a rate of approximately 3% annually.patient group is growing at a rate of approximately 3% annually.1

As a result, we estimate that by 2020, there could be approxi-As a result, we estimate that by 2020, there could be approxi-As a result, we estimate that by 2020, there could be approxi-

mately 525,000 dialysis dependent patients in the U.S., an increase mately 525,000 dialysis dependent patients in the U.S., an increase mately 525,000 dialysis dependent patients in the U.S., an increase

of approximately 45% from the current patient base. Based on of approximately 45% from the current patient base. Based on of approximately 45% from the current patient base. Based on of approximately 45% from the current patient base. Based on

ferumoxytol’s clinical profile and anticipated convenient dosing ferumoxytol’s clinical profile and anticipated convenient dosing

regimen, it has the potential to provide several advantages to regimen, it has the potential to provide several advantages to

dialysis patients with IDA and the healthcare professionals who dialysis patients with IDA and the healthcare professionals who

care for them.

In addition to the dialysis dependent CKD patient population, In addition to the dialysis dependent CKD patient population,

we estimate that there are over 18 million individuals in the U.S. we estimate that there are over 18 million individuals in the U.S.

today that have advanced stages of CKD or Stage 3 and 4.today that have advanced stages of CKD or Stage 3 and 4.2 Among

these individuals, we estimate that over 1.3 million have evidence these individuals, we estimate that over 1.3 million have evidence

of absolute iron deficiency and would therefore benefit from

receiving IV iron.3 Given the inconvenient dose and administration

protocols of existing IV iron agents, we believe that IV iron therapy

is currently underutilized in this patient population, and that

ferumoxytol’s profile and attributes are well suited for use in this

patient population, which is largely treated in the doctor’s office. In patient population, which is largely treated in the doctor’s office. In

our clinical studies, ferumoxytol treatment resulted in a statisti-our clinical studies, ferumoxytol treatment resulted in a statisti-

cally significant improvement in hemoglobin levels among CKD cally significant improvement in hemoglobin levels among CKD

patients compared to oral iron, when administered with or without patients compared to oral iron, when administered with or without patients compared to oral iron, when administered with or without

concomitant erythropoiesis stimulating agent (ESA) therapy. concomitant erythropoiesis stimulating agent (ESA) therapy. concomitant erythropoiesis stimulating agent (ESA) therapy.

Ferumoxytol was administered as two 510 mg 17-second injec-Ferumoxytol was administered as two 510 mg 17-second injec-Ferumoxytol was administered as two 510 mg 17-second injec-

tions, minimizing the treatment burden for patients and tions, minimizing the treatment burden for patients and tions, minimizing the treatment burden for patients and

medical staff by requiring less frequent visits and administrations. medical staff by requiring less frequent visits and administrations. medical staff by requiring less frequent visits and administrations.

As a result, we plan on redefining the treatment paradigm by As a result, we plan on redefining the treatment paradigm by As a result, we plan on redefining the treatment paradigm by

emphasizing the correction of iron deficiency in the non-dialysis emphasizing the correction of iron deficiency in the non-dialysis emphasizing the correction of iron deficiency in the non-dialysis

dependent CKD market, which we believe represents an important dependent CKD market, which we believe represents an important dependent CKD market, which we believe represents an important

commercial opportunity. commercial opportunity.

Our Market Opportunity

1. Based on United States Renal Data Systems (USRDS) 2007 Annual Data Report1. Based on United States Renal Data Systems (USRDS) 2007 Annual Data Report2. Based on USRDS 2007 Annual Data Report and US Census population estimates2. Based on USRDS 2007 Annual Data Report and US Census population estimates3. Based on estimates from Kausz, Disease Management Health Outcomes 2002 and Garcha, National Based on estimates from Kausz, Disease Management Health Outcomes 2002 and Garcha, National

Kidney Foundation Clinical Meetings 2006Kidney Foundation Clinical Meetings 2006

2.25

2

1.75

1.5

1.25

1

.75

.5

.25

0

(In millions)

n Non-Dialysis Dependent n Dialysis Dependent

Projected CKD Patients Requiring Iron Projected CKD Patients Requiring Iron

Supplementation in the U.S. (2007-2020)Supplementation in the U.S. (2007-2020)

2007 2007 2020

Dear Shareholder,

2007 was a remarkable year for AMAG Pharmaceuticals as we successfully achieved our key goals and took a major

step forward toward becoming a commercial biopharmaceutical company. In late 2007, we submitted our New Drug

Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking marketing approval for ferumoxytol. Feru-

moxytol is being developed as an intravenous iron replacement therapy for chronic kidney disease (CKD) patients

with iron deficiency anemia (IDA). The NDA was subsequently accepted for review by the FDA in February, and we

expect a decision in late October 2008.

During 2007, our efforts were focused on the completion of the ferumoxytol Phase III clinical studies, prepara-

tion and submission of the NDA for ferumoxytol, establishment of a commercial organization, and expansion of our

general and administrative infrastructure. We completed four pivotal Phase III trials successfully, on or ahead of

schedule, and presented data at several prestigious medical meetings. In addition, we started building product in-

ventory for the commercial launch of ferumoxytol and completed a successful secondary public offering. We believe

that we will be well prepared for a successful commercial launch of ferumoxytol in the first quarter of 2009.

We concluded three open-label, multi-center, randomized Phase III efficacy and safety clinical studies and a

fourth Phase III safety study for ferumoxytol in CKD during late 2006 and early 2007. The three efficacy and safety

studies demonstrated a statistically significant achievement of all primary and secondary endpoints. In total, over

1,700 patients and healthy volunteers were treated with ferumoxytol in eleven clinical studies. We are very proud

of the tremendous progress we made last year in advancing ferumoxytol through clinical development.

We believe that ferumoxytol provides exciting opportunities to potentially treat IDA in several disease states

and patient populations in addition to CKD. Later this year, we plan to begin Phase III clinical trials in women with

abnormal uterine bleeding and in patients who experience IDA in a broad range of medical conditions, including

chemotherapy-induced anemia and anemia of cancer.

We believe that a large part of our success is due to the experienced and entrepreneurial management team

that we have assembled. During 2007, we further strengthened our leadership team with the addition of David

Arkowitz as Chief Financial Officer and Chief Business Officer, Lee Allen, Ph.D., M.D., as Chief Medical Officer

and Senior Vice President of Clinical Development, and Chris White as Vice President, Business Development and

Corporate Planning. We continue to recruit experienced individuals to the company in order to position ourselves

for success.

We have made significant progress in preparing for the product launch of ferumoxytol in the U.S., including

establishing our commercial organization and building ferumoxytol inventory at our commercial-scale GMP manu-

facturing facility. Our commercial organization is actively engaged in conducting market research, raising corporate

awareness at key nephrology meetings, identifying key decision makers involved in treating CKD patients, and

formulating managed market and distribution strategies.

Our transition to a commercial biopharmaceutical company has included rebranding of the company while

maintaining and building upon our culture of excellence and achievement. We changed our name to AMAG

Pharmaceuticals, Inc. in 2007, to both recognize the rich history and culture of Advanced Magnetics, Inc. and to

better reflect the exciting opportunities that lie ahead.

In conclusion, 2007 was an extraordinary year as we made significant progress toward becoming a commercial

biopharmaceutical company with the submission of the ferumoxytol NDA and the establishment of a talented and

experienced management team. In addition, our extensive launch preparation efforts and our strong cash position

provide a solid foundation to successfully launch ferumoxytol in the U.S. and to develop additional indications. We

look forward to updating you on our progress over the coming months. I want to express my appreciation to all of

our shareholders for their continued support.

Sincerely,

Brian J.G. Pereira, MD

President and Chief Executive Officer

2007 Highlights

• CompletedallpivotalPhaseIIIclinicalstudiesevaluatingthesafetyandefficacyofferumoxytol

• Metallprimaryandsecondaryefficacyendpointsinpivotalstudieswithahighlevel

of statistical significance

• PresenteddataonallfourPhaseIIIstudiesatseveralprestigiousmedicalmeetings

• SubmittedaNewDrugApplication(NDA)totheU.S.FoodandDrugAdministration

• Establishedanexperiencedcommercialorganizationandexpandedourcorporateinfrastructure

• Scaledupmanufacturingcapabilitiesandbeganbuildingproductinventoryatourcommercial-scale

GMP manufacturing facility in preparation for product launch in the first quarter of 2009

• Assembledanexperiencedandentrepreneurialmanagementteam

• Strengthenedourcashpositionbycompletingasecondarypublicofferingof2.5millionsharesofcommon

stock with net proceeds of $155 million

Clinical Results:Ferumoxytol

We are very pleased with the ferumoxytol clinical study results. Our comprehensive approach to clinical development included completion of four pivotal Phase III clinical studies of ferumoxytol as an IV iron replace-ment therapy in over 1,500 subjects. These studies enrolled patients with all stages of CKD. Our studies demonstrated a statistically significant achievement of all primary and secondary endpoints.

Two of our four pivotal Phase III studies were identical efficacy and safety studies in non-dialysis dependent patients with stages 1 through 5 CKD. These studies enrolled 304 and 303 patients, respectively. Patients were and 303 patients, respectively. Patients were randomized in a 3 to 1 ratio to receive either randomized in a 3 to 1 ratio to receive either randomized in a 3 to 1 ratio to receive either randomized in a 3 to 1 ratio to receive either two IV doses of 510 mg each of ferumoxytol two IV doses of 510 mg each of ferumoxytol two IV doses of 510 mg each of ferumoxytol two IV doses of 510 mg each of ferumoxytol within a week or 200 mg of oral iron per day within a week or 200 mg of oral iron per day within a week or 200 mg of oral iron per day within a week or 200 mg of oral iron per day for three weeks. The primary efficacy endpoint for three weeks. The primary efficacy endpoint for three weeks. The primary efficacy endpoint for three weeks. The primary efficacy endpoint measured mean change in hemoglobin among measured mean change in hemoglobin among measured mean change in hemoglobin among measured mean change in hemoglobin among patients receiving ferumoxytol compared to patients receiving ferumoxytol compared to patients receiving ferumoxytol compared to patients receiving ferumoxytol compared to patients receiving oral iron as measured on the patients receiving oral iron as measured on the patients receiving oral iron as measured on the patients receiving oral iron as measured on the 35th day after the first dose of the study drug. A secondary endpoint measured the propor-tion of patients achieving a one gram per deciliter increase in hemoglobin on the 35th day after the first dose of the study drug for ferumoxytol-treated patients compared to oral iron-treated patients. An additional secondary endpoint measured mean increase in serum ferritin levels on the 21st day. All primary and secondary efficacy endpoints were statistically significant in both patients on ESAs and those not on ESAs.

The third pivotal Phase III study was an efficacy and safety study in dialysis dependent CKD patients that randomized 230 patients who were receiving stable doses of ESAs in a 1 to 1 ratio to receive either two 510 mg doses of ferumoxytol within one week or 200 mg of oral iron daily for three weeks. The primary

and secondary endpoints were identical to and secondary endpoints were identical to and secondary endpoints were identical to and secondary endpoints were identical to and secondary endpoints were identical to the studies described above, with statisti-cally significant differences in data favoring ferumoxytol-treated patients over oral iron-treated patients.

The fourth pivotal Phase III study was a double-blind, placebo-controlled, crossover safety study in 750 patients across all stages of CKD, comparing a single dose of 510 mg of ferumoxytol to normal saline as placebo. This study showed that the safety profile of ferumoxytol was comparable to normal saline placebo.

Across all phases of the ferumoxytol clinical development program, which included over 2,000 patients and healthy volunteers and approximately 2,800 total administered doses of ferumoxytol, there were no reported cases

These vials contain chemical

reagents that are used

to determine the

purity of ferumoxytol

of anaphylaxis and no drug-related deaths. of anaphylaxis and no drug-related deaths. of anaphylaxis and no drug-related deaths. of anaphylaxis and no drug-related deaths. Drug-related serious adverse events were Drug-related serious adverse events were Drug-related serious adverse events were Drug-related serious adverse events were reported among 0.17% of patients treated with ferumoxytol, 0.35% of patients treated with oral iron, and 0.13% of patients treated with placebo. Ferumoxytol improved hemoglo-bin and appeared to be well-tolerated in study subjects.

Results from all pivotal studies have been presented at the American Society of Nephrology’s Renal Week 2006 and 2007 Annual Meetings and at the National Kidney Foundation Spring Clinical Meetings in 2007.

As a result of our successful develop-ment program, clinical manuscripts have been submitted to major medical journals, which we expect to be published in 2008.

FerumoxytolPhaseIIIEfficacyandSafetyStudyResults

Study DescriptionDescriptionDescriptionDescription Number of Treatment Gram change in hemoglobin

Subjects from baseline to day 35 (data in gram/deciliter)

Dialysis Dependent PatientsDialysis Dependent PatientsDialysis Dependent PatientsDialysis Dependent PatientsDialysis Dependent PatientsDialysis Dependent PatientsDialysis Dependent PatientsDialysis Dependent Patients 230 FerumoxytolFerumoxytol 1.02* Oral Iron 0.46

Non-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent Patients 304 FerumoxytolFerumoxytol 0.81* Oral Iron 0.21

Non-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent PatientsNon-Dialysis Dependent Patients 303 FerumoxytolFerumoxytol 1.24** Oral Iron 0.50

*Statistically significant vs. oral iron with p-value = 0.0002**Statistically significant vs. oral iron with p-value < 0.0001

Clinical Trials:NextIndications

For the past few years, our clinical develop-ment program has focused on treating anemia among chronic kidney disease patients, whether or not on dialysis. However, we believe ferumoxytol’s product characteristics could support utilization in a variety of disease states and patient populations beyond CKD where iron deficiency occurs. We plan to initi-ate additional clinical trials in some of these indications later this year.

Iron deficiency anemia is widely prevalent in patients with cancer and inflammatory bowel disease, as well as in the elderly, women, and among patients undergoing various surgical procedures. Approximately 2-3% of men and 6-12% of women in the U.S. have IDA1. As a result, we believe that the product character-istics of ferumoxytol support clinical develop-istics of ferumoxytol support clinical develop-istics of ferumoxytol support clinical develop-istics of ferumoxytol support clinical develop-ment in additional indications. ment in additional indications. ment in additional indications. ment in additional indications.

In women, IDA is a common consequence In women, IDA is a common consequence In women, IDA is a common consequence In women, IDA is a common consequence of abnormal uterine bleeding (AUB) and can of abnormal uterine bleeding (AUB) and can of abnormal uterine bleeding (AUB) and can of abnormal uterine bleeding (AUB) and can impact a woman’s quality of life. The incidence impact a woman’s quality of life. The incidence impact a woman’s quality of life. The incidence impact a woman’s quality of life. The incidence of AUB among women of child bearing age of AUB among women of child bearing age of AUB among women of child bearing age of AUB among women of child bearing age is 9%-30%.2,3 We plan to conduct a Phase III We plan to conduct a Phase III We plan to conduct a Phase III We plan to conduct a Phase III multi-center clinical development program for ferumoxytol as a treatment for women suffering from AUB in mid 2008. The objec-tive of this program will be to demonstrate the safety and efficacy of ferumoxytol among women with IDA and AUB. It is expected that the program will involve 500-700 subjects. The program design is currently being discussed with the FDA.

We are concurrently evaluating a potential broad Phase III multi-center clinical develop-ment program for ferumoxytol among patients with IDA resulting from multiple causes, including cancer, to begin in the second half of 2008. The objective of this program will be to demonstrate the safety and efficacy of ferumoxytol among patients who have IDA resulting from multiple causes. The design of this program is in progress and is subject to further discussions with the FDA.

Ferumoxytol may also be useful as a Ferumoxytol may also be useful as a Ferumoxytol may also be useful as a Ferumoxytol may also be useful as a vascular enhancing agent in a wide range of vascular enhancing agent in a wide range of vascular enhancing agent in a wide range of vascular enhancing agent in a wide range of applications in magnetic resonance imaging (MRI). We have completed exploratory Phase II clinical studies for use of ferumoxytol in vascular enhanced magnetic resonance angiography, a type of MRI. Many currently approved contrast agents used for MRI are gadolinium-based agents and have been asso-ciated with severe adverse events in patients with CKD. The FDA has issued “Black Box” warnings for all gadolinium-based contrast agents in certain patients. We are consider-ing our options for further development of ferumoxytol as an imaging agent.

1 Centers for Disease Control and Prevention. Iron deficiency-United States, 1999-2000. MMWR Morb Mortal Wkly Rep 2002;51:897-9.EE

2 Liu Z, D. Q. 2007, May/June, Value in Health, 10 (3), pp. 183-194.3 Oehler MK, R. M. (2003, May). Acta Obstetricia et Gynecologica

Scandinavica, 82 (5), pp. 405-422

“The ferumoxytol clinical program was well designed and well executed. The data

consistently resulted in endpoints that were statistically significant, and I believe demon-

strate the efficacy and tolerability of ferumoxytol compared to oral iron and placebo in

chronic kidney disease patients.“Dr. Allen Nissenson, M.D.,

Professor of Medicine, Associate Dean, Director Dialysis Program, David Geffen School of Medicine at UCLA

Ozonated water is employed

before distillation

and used to produce

Water for Injection in the

manufacturing of ferumoxytol

Each product batch

is rigorously tested using

high performance liquid

chromatography, an analytical

chemistry tool that determines

the purity of ferumoxytol

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Any statements contained herein that do not describe historical facts, including but not limited to, statements regarding the potential advantages of feru-moxytol, the potential size and growth of the IV iron market in dialysis and pre-dialysis CKD, our plan to redefine the anemia treatment paradigm in CKD, the expected FDA decision on the ferumoxytol NDA in late October 2008, on the ferumoxytol NDA in late October 2008, the potential commercial launch of ferumoxytol the potential commercial launch of ferumoxytol the potential commercial launch of ferumoxytol the potential commercial launch of ferumoxytol in the first quarter of 2009, our belief that we in the first quarter of 2009, our belief that we in the first quarter of 2009, our belief that we in the first quarter of 2009, our belief that we will be well prepared for launch, our plan to will be well prepared for launch, our plan to will be well prepared for launch, our plan to will be well prepared for launch, our plan to begin Phase III clinical trials in women with begin Phase III clinical trials in women with begin Phase III clinical trials in women with begin Phase III clinical trials in women with AUB and in patients with IDA later this year, AUB and in patients with IDA later this year, AUB and in patients with IDA later this year, AUB and in patients with IDA later this year, the potential objective, design and size of each the potential objective, design and size of each the potential objective, design and size of each the potential objective, design and size of each of these additional trials, and our expectation of these additional trials, and our expectation of these additional trials, and our expectation that certain clinical manuscripts we submitted will be published by major medical journals in 2008 are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking state-ments. Such risks and uncertainties include the following: (1) the possibility that we may not be able to obtain the necessary regulatory approvals in order to market and sell ferumoxy-tol, or we may not obtain such approvals in a timely manner due to deficiencies in the design or oversight by us of these trials, the failure of our trials to demonstrate that ferumoxytol is safe and efficacious, or any other factor caus-ing an increase in expenses, a delay and/or a negative effect on the results of the clinical studies or the prospects for regulatory ap-proval of ferumoxytol; (2) the fact that we have limited sales and marketing expertise; (3) un-certainties regarding our ability to successfully

compete in the intravenous iron replacement compete in the intravenous iron replacement compete in the intravenous iron replacement compete in the intravenous iron replacement market; (4) uncertainties regarding our ability market; (4) uncertainties regarding our ability market; (4) uncertainties regarding our ability market; (4) uncertainties regarding our ability to obtain favorable coverage, pricing and reimbursement for ferumoxytol, if approved; (5) uncertainties regarding our ability to manu-facture sufficient quantities of ferumoxytol to meet demand, if approved; (6) uncertainties relating to our patents and proprietary rights; and (7) other risks identified in our Securi-ties and Exchange Commission filings. We caution you not to place undue reliance on any forward-looking statements which speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expecta-tions or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

AMAG Pharmaceuticals, Inc. is a biopharmaceutical company

that utilizes its proprietary nanoparticle technology for

the development and commercialization of therapeutic iron

compounds to treat anemia as well as novel imaging agents

to aid in the diagnosis of cancer and cardiovascular disease.

Ferumoxytol, our key product candidate, is being

developed for use as an intravenous (IV) iron replacement

therapeutic for the treatment of iron deficiency anemia (IDA)

in chronic kidney disease (CKD) patients.

How Iron Works in the Body













Board of Directors








AMAG Pharmaceuticals

AMAG Pharmaceuticals, Inc.125 CambridgePark DriveCambridge, MA 02140617.498.3300 main617.498.3300 main617.499.3361 faxwww.amagpharma.com













Board of Directors








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