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Ambit Biosciences Corporation Announces Second Quarter 2013 Operational Results
Date:8/13/2013

SAN DIEGO, Aug. 13, 2013 /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 results for the second quarter and six months ended June 30, 2013. The company will host a conference call today to provide an operational update and discuss financial results, its first as a public company.

"The second quarter was transformative for Ambit.  We successfully completed our initial public offering, which put us on solid financial footing to continue the clinical development of quizartinib, our lead drug candidate," said Michael Martino, president and Chief Executive Officer. "Our primary goal is to make this potentially important new therapy available to patients with acute myeloid leukemia (AML), who are in need of better treatment options."

Second Quarter Highlights and Recent Events

  • Raised net proceeds of approximately $83 million after completion of an initial public offering of common stock, including $25 million in a concurrent private placement with existing investors
  • Presented results from the Phase 2 ACE study of quizartinib in patients with relapsed or refractory AML at the annual meeting of the American Society of Clinical Oncology (ASCO) and at the 18th Congress of the European Hematology Association
  • Completed top line analyses from the Phase 2b clinical trial of quizartinib
  • Held a Type C meeting with the FDA in June.  FDA requested additional information and analyses be presented at end of Phase 2 (EOP2) meeting
  • Submitted four abstracts to the American Society of Hematology (ASH) for the annual meeting in December 2013
  • Quizartinib Program UpdateThe Company has completed preliminary top line analyses of the Phase 2b clinical trial of qu
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