Ambit Biosciences Strengthens Board of Directors and Executive Team

SAN DIEGO, Nov. 8, 2010 /PRNewswire/ --Ambit Biosciences Corporation (Ambit) today announced the strengthening of its Board and management team.

“The Board is delighted to appoint biotechnology industry veteran Faheem Hasnain as Chairman of the Board and to strengthen the executive management team with the appointment of Alan Fuhrman as Chief Financial Officer and the promotion of Christopher Morl to Chief Operating Officer,” said Alan Lewis, President and Chief Executive Officer of Ambit.

Mr. Hasnain has built a distinguished career within the realm of oncology. From December 2008 until its acquisition by Abbott Laboratories in April 2010, he was the president and chief executive officer and a director of Facet Biotech Corporation, a biology-driven antibody company with a focus in oncology and multiple sclerosis. Mr. Hasnain was president, chief executive officer and a director of PDL BioPharma, Inc. from October 2008 until Facet Biotech was spun off from PDL BioPharma in December 2008. From October 2004 to September 2008, Mr. Hasnain served at Biogen Idec Inc., a biotechnology company specializing in neurological disorders, autoimmune disorders and cancer, most recently as executive vice president in charge of the oncology/rheumatology strategic business unit. Prior to Biogen Idec, Mr. Hasnain held roles with Bristol-Myers Squibb, where he was president of the Oncology Therapeutics Network, and for 14 years at GlaxoSmithKline and its predecessor organizations. Mr. Hasnain has served on the board of directors of Somaxon Pharmaceuticals since September 2010. Mr. Hasnain received a B.H.K. and B.Ed. from the University of Windsor Ontario in Canada.

Alan Fuhrman joins Ambit as Chief Financial Officer. From November 2008 to September 2010, Mr. Fuhrman served as vice president and chief financial officer of Naviscan, Inc., a medical imaging company focused on the management of breast cancer. From September 2004 through August 2008, he served as senior vice president and chief financial officer of Sonus Pharmaceuticals, a public pharmaceutical development company that merged with Oncogenex Pharmaceuticals in August 2008. Mr. Fuhrman served as president and chief operating officer of Integrex, Inc. from April 2002 until its acquisition in July 2004. From February 1999 until March 2002, he was the chief financial officer at Capital Stream, Inc., a financial services workflow automation company. Mr. Fuhrman received B.S. degrees in both business administration and agricultural economics from Montana State University. Mr. Fuhrman received his Certified Public Accountant Certification from the State of Oregon; however, currently he is not an active CPA.

Prior to Christopher Morl‘s promotion to Chief Operating Officer of Ambit, he served as our Chief Business Officer from January 2009 until November 2010. From August 2002 to October 2008, he served as vice president of business development at Agensys Inc., a privately owned biotechnology company that became a wholly owned subsidiary of Astellas US in December 2007. From January 2001 to December 2001, he served as director of integration at GlaxoSmithKline for China/Hong Kong after serving as the General Manager at SmithKline Beecham (Tianjiin). Prior to that he served for 20 years in positions of increasing responsibility in research, sales and marketing, and business development with SmithKline Beecham and its predecessor organizations. Mr. Morl earned a B.Sc. in applied biology with honors in pharmacology from the University of London (UK) and an M.B.A. from Cranfield School of Management (UK).

About Ambit Biosciences

Ambit Biosciences Corporation is a biotechnology company engaged in discovering, developing and commercializing targeted small molecule therapeutics for the treatment of cancer.

SOURCE Ambit Biosciences Corporation