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Ambit Biosciences Withdraws IPO


6/9/2011 6:55:46 AM

San Diego’s Ambit Biosciences, which is developing anti-cancer compounds that block the activity of certain protein kinases, withdrew its IPO registration, according to a regulatory filing yesterday. The biotech filed to go public on Nov. 5, and had planned to raise more than $86 million. In a letter signed by CFO Alan Fuhrman, Ambit says the initial public offering would have been a discretionary financing, and currently available terms “are not sufficiently attractive” to continue with its IPO.

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