Navigation Links
Ambit Biosciences Completes $50 Million Financing to Advance Lead Drug Candidate in Acute Myeloid Leukemia
Date:11/6/2012

SAN DIEGO, Nov. 6, 2012 /PRNewswire/ -- Ambit Biosciences Inc. today announced that the company has closed the first $25 million tranche of a new $50 million preferred stock financing to support continued advancement of its lead drug candidate, quizartinib.  Existing investor OrbiMed Advisors led the financing with participation from other existing Ambit investors including Aisling Capital, Apposite Healthcare, Roche Ventures, GrowthWorks, MedImmune Ventures, Forward Ventures, GIMV, and Radius Ventures. 

"2012 has been a pivotal year of progress for Ambit, and this financing is a reflection of that progress and the momentum we have built as a team," said Michael Martino, President and CEO of Ambit. "We've received the data from our large, 333 patient Phase 2 trial of quizartinib in patients with relapsed/refractory AML, and we are excited to present that data at ASH in Atlanta in December. We've refocused and prioritized our work on earlier stage pipeline assets, including our oral JAK2 and CSF1R inhibitor programs, and re-energized the team. This financing, with OrbiMed Advisors leading a round in which all existing investors participated, is a strong vote of confidence in our direction and provides the resources to accelerate our progress in 2013.""  

In conjunction with the financing, David Bonita, M.D, of OrbiMed Advisors will join Ambit's board of directors.

"Ambit's new management team has impressed us with its focus on moving the company's core clinical programs forward in clinical development," said Dr. Bonita. "We believe that the recent data from its 333 patient Phase 2 trial in relapsed and refractory acute myeloid leukemia are very promising and look forward to working with the management team and their clinical collaborators in moving quizartinib through clinical development and into clinical use by physicians."

About Ambit Biosciences
Ambit Biosciences is a privately held biopharmaceutical company engaged in the development of a robust pipeline of small molecule kinase inhibitors for the treatment of cancer, inflammatory disease and other indications. Ambit's lead compound, quizartinib (AC220), is a novel, potent, highly selective, orally bioavailable FMS-like tyrosine kinase-3 (FLT3) inhibitor, and is currently under clinical investigation in patients with relapsed or refractory AML and treatment-naive AML. 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 AC430, an oral JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva. Ambit's preclinical portfolio includes a proprietary CSF1R inhibitor program. For more information, visit www.ambitbio.com.

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 Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Ambit Biosciences and Teva Announce Clearance of an Investigational New Drug (IND) Application for CEP-32496, A Novel BRAF(V600E) Inhibitor
2. Pressure BioSciences, Inc. and Target Discovery, Inc. Expand Strategic License Agreement and Collaboration Supporting TDIs Planned Offering of Personalized Medicine Clinical Diagnostic Services
3. Neurocrine Biosciences Announces Conference Call and Webcast to Present First Quarter 2012 Financial Results
4. Amarantus BioSciences to Present at the New York Biotechnology Association (NYBA) 21st Annual Meeting on May 2nd, 2012
5. Neurocrine Biosciences Reports First Quarter 2012 Results
6. Pressure BioSciences, Inc. to Discuss First Quarter 2012 Financial Results And Provide Business Update
7. Neurocrine Biosciences to Present at the Jefferies 2012 Global Healthcare Conference
8. 3-V Biosciences To Present at the Seventh Annual JMP Securities Healthcare Conference
9. Sofie Biosciences receives $1M Phase II SBIR grant from the DOE
10. Frost & Sullivan 2012 New Product Innovation in Bioanalytics Awarded to Protea Biosciences
11. Pressure BioSciences Patented PCT Platform Shown to Significantly Improve Protein and DNA Detection in Multiple Studies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... 26, 2016   Change Healthcare , ... network solutions and technology-enabled services designed to ... into a strategic channel partnership with SourceMed, ... solutions and revenue cycle management services that ... rehabilitation clinics to optimize revenue, operational efficiency ...
(Date:5/25/2016)... FDA 510(k) clearance covers Confocal Miniprobes ... and surgical applications Mauna Kea Technologies ... multidisciplinary confocal laser endomicroscopy (CLE) platform, today announced ... the 12 th 510(k) clearance from United ... FDA clearance covers Confocal Miniprobes indicated for use ...
(Date:5/25/2016)... Deutschland und GERMANTOWN, Maryland , ... Zusammenarbeit mit Therawis bedient dringenden ...   QIAGEN N.V. (NASDAQ: ... bekannt, eine Lizenz- und Entwicklungsvereinbarung mit Therawis Diagnostics ... die Onkologie eingegangen zu sein. Ein erstes Projekt ...
Breaking Medicine Technology:
(Date:5/31/2016)... MN (PRWEB) , ... May 31, 2016 , ... DDL, ... the American Association for Laboratory Accreditation (A2LA) to include ISO 594-1 and ISO 594-2 ... common means of achieving a leak-free connection between two medical devices (e.g. a syringe ...
(Date:5/31/2016)... ... May 31, 2016 , ... Like jewels in a crown, the multiple awards ... is home to Ontario’s leading day spa and one of Canada’s few accredited 5 ... a unique concept to combine spa services with hair and beauty services ...
(Date:5/31/2016)... ... May 31, 2016 , ... The Orthopaedic Research and Education Foundation (OREF) ... David G. Lewallen, MD, began his term as president in March, succeeding John J. ... is OREF’s new president-elect. Richard F. Kyle, MD, will serve as chair, corporate development, ...
(Date:5/31/2016)... ... May 31, 2016 , ... ... 2016 Cool Vendors in Security Infrastructure Protection report by Gartner1 Inc. , Each ... series of research reports evaluating these innovative vendors and their products and services. ...
(Date:5/31/2016)... , ... May 31, 2016 , ... Super Powder, a ... to on the go individuals and dedicated athletes, continues to transform the nutritional supplement ... with whey, pea and milk protein, branched-chain amino acids (BCAA), alkaline minerals, wheat grass, ...
Breaking Medicine News(10 mins):