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Ambit Biosciences Announces Second Quarter 2014 Operating Results
Date:8/12/2014

SAN DIEGO, Aug. 12, 2014 /PRNewswire/ -- Ambit Biosciences (NASDAQ: AMBI), a biopharmaceutical company focused on discovery and development of drugs targeting unmet needs in oncology, autoimmune and inflammatory disease, today announced operating results for the second quarter 2014.  The company will host a conference call today to discuss financial results for the quarter and to provide an operational update for the first half of 2014.

"We are pleased to have initiated our QUANTUM-R Phase 3 trial, our most notable achievement of the first half," said Michael Martino, Ambit's President and Chief Executive Officer.  "The trial is progressing and sites continue to be activated on plan.  This will remain our primary operating focus throughout the year.  We are also pleased with the progress in multiple investigator- and company-sponsored studies that continue to suggest that quizartinib may be a workhorse in the broader fight against AML in newly diagnosed patients and as a maintenance therapy in patients after transplant.  With QUANTUM-R underway, we are taking the next steps to execute this broader vision for quizartinib."

The Company announced the initiation of the Phase 3 QUANTUM-R registrational clinical trial in April of 2014.  This trial compares quizartinib as monotherapy to chemotherapy regimens for relapsed/refractory acute myeloid leukemia (AML) patients with the FMS-like tyrosine kinase-3 (FLT3)-ITD mutation.  Site initiation and patient enrollment are ongoing, with a planned total enrollment of 326 patients in the United States, Western Europe, Canada and Australia.

At June 30, 2014, the Company had cash and equivalents of $52.8 million, compared to $71.2 million at December 31, 2013.  The decrease of $18.4 million in the first half of 2014 was primarily due to the use of cash to fund operations.

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