Ambit Biosciences Refiles for a $58 Million IPO

SAN DIEGO, Feb. 20, 2013 /PRNewswire/ -- Ambit Biosciences Corporation today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for an initial public offering of its common stock on the NASDAQ stock market. All shares of common stock to be sold in the offering will be offered by Ambit. The number of shares and price range for the offering have not been determined.

The joint book-running managers for the offering are Citigroup and Leerink Swann. In addition, BMO Capital Markets is acting as lead manager and Robert W. Baird & Co. Incorporated is acting as co-manager. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to and describing the terms of the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, or by email at batprospectusdept@citi.com or by phone at 1-800-831-9146, and Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Mass., 02110, or by email at Syndicate@Leerink.com or by phone at 1-800-808-7525.

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 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 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 jurisdiction.

About Ambit Biosciences

Ambit is a privately held biopharmaceutical company focused on the discovery, development and commercialization of drugs to treat unmet medical needs in oncology, autoimmune and inflammatory diseases by inhibiting kinases that are important drivers for those diseases. Ambit's lead drug candidate, quizartinib (AC220), is a once-daily, orally-administered potent and selective, inhibitor of FMS-like tyrosine kinase-3 (FLT3) and is currently under clinical development in patients with relapsed/refractory acute myeloid leukemia (AML) and in newly diagnosed AML patients in combination with chemotherapy as well as maintenance following a hematopoietic stem cell transplantation (HSCT). Ambit is developing quizartinib in collaboration with Astellas Pharma Inc. as part of a worldwide agreement to jointly develop and commercialize FLT3 kinase inhibitors in oncology and non-oncology indications. In addition to quizartinib, Ambit's clinical pipeline includes AC410, an oral JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva Pharmaceutical Industries Ltd. Ambit's preclinical portfolio includes a proprietary CSF1R inhibitor program.

Contacts:
Alan Fuhrman (Investors)
Chief Financial Officer
(858) 334-2133

Ian Stone or David Schull (Media)
Russo Partners
(619) 308-6541
(212) 845-4271
ian.stone@russopartnersllc.com
david.schull@russopartnersllc.com

SOURCE Ambit Biosciences Corporation