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Ambit Biosciences Announces Transition in Company Leadership
Date:7/26/2010

SAN DIEGO, July 26 /PRNewswire/ -- Ambit Biosciences Corporation (Ambit), a recognized global leader in kinase drug discovery and development, announced today that its Board of Directors has completed a thorough executive search and appointed Alan J. Lewis, Ph.D. as Chairman and Chief Executive Officer (CEO) of the Company.   Dr. Lewis has been serving as Executive Chairman of Ambit since March 2010, and will now be responsible for the daily operations of the Company as CEO.

"As Executive Chairman, Alan has made a tremendous impact in guiding the vision and creating the foundation for the Company's future growth," said Steven Elms, managing partner of Aisling Capital, on behalf of Ambit's Board of Directors.  "With more than 30 years industry experience, Alan has a proven track record and brings the business, technical and leadership skills necessary to create value as Ambit advances its promising portfolio through development.  This is a pivotal time for the organization and the Board is confident that with Alan's guidance Ambit will emerge a leader in the biotechnology industry."

Dr. Lewis commented, "Ambit has developed a truly unique approach to kinase drug discovery, and as a result the Company is advancing a deep pool of promising kinase inhibitors for the treatment of oncology, immune and inflammatory diseases with significant unmet medical need.  A major milestone and validation of the Company's approach was the strategic partnership completed in December 2009 with Astellas Pharma to jointly develop and commercialize FLT3 kinase inhibitors, including the Company's lead compound, AC220.  This molecule is in a pivotal Phase 2 study in AML and could be a game-changing therap
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