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Ambit Biosciences Files Registration Statement for Proposed Initial Public Offering


11/8/2010 6:48:39 AM

SAN DIEGO, Nov. 5, 2010 /PRNewswire/ -- Ambit Biosciences Corporation (Ambit), a recognized global leader in kinase drug discovery and development, announced today that it has filed a registration statement with the Securities and Exchange Commission ("SEC") relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. All shares of the common stock to be sold in the offering will be offered by Ambit.

J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering, and Wedbush Securities, Inc. and Leerink Swann, LLC are acting as co-managers. This offering will be made only by means of a prospectus. Once available, copies of the prospectus relating to this offering may be obtained from J.P. Morgan Securities Inc. and Credit Suisse (USA) LLC.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Ambit Biosciences

Ambit Biosciences is a biotechnology company focused on the discovery and development of novel, targeted small molecule kinase inhibitors to improve outcomes for patients living with cancer. Ambit has adopted an accelerated approach to kinase drug discovery that over the past five years has generated a robust oncology pipeline targeting therapeutics. Ambit's lead product candidate, quizartinib (formerly AC220), is a potent, highly selective, oral second-generation FLT3 kinase that is currently in a Phase 2 pivotal study in patients with relapsed / refractory AML, and is part of a worldwide agreement with Astellas Pharma Inc to jointly develop and commercialize FLT3 kinase inhibitors in oncology and non-oncology indications. Behind quizartinib, Ambit is advancing a portfolio of clinical-stage candidates including oral and IV formulations of AC480 (a panHER inhibitor), AC430 (a JAK inhibitor), and CEP-32496 (a B-raf inhibitor licensed to Cephalon), as well as preclinical-stage candidates including AC710 (a CSF1R inhibitor). For more information, visit www.ambitbio.com.

Contact:


Chris Morl

Carol Ruth

Ambit Biosciences

The Ruth Group

(858) 334-2134

(646) 536-7004


cruth@theruthgroup.com



SOURCE Ambit Biosciences Corporation



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