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Ambit Biosciences Files Registration Statement for Proposed Initial Public Offering

SAN DIEGO, Nov. 5, 2010 /PRNewswire/ -- Ambit Biosciences Corporation (“Ambit”), announced today that it has filed a registration statement with the Securities and Exchange Commission ("SEC") relating to the proposed initial public offering of shares of its common stock.  The number of shares to be offered and the price range for the offering have not yet been determined. All shares of the common stock to be sold in the offering will be offered by Ambit.

J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering, and Leerink Swann LLC and Wedbush Securities Inc. and are acting as co-managers.  This offering will be made only by means of a prospectus.  When available, copies of the preliminary prospectus relating to this offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (866) 803-9204, and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, or by calling (800) 221-1037.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About AmbitAmbit Biosciences Corporation is a biotechnology company engaged in discovering, developing and commercializing targeted small molecule therapeutics for the treatment of cancer.  Contact:Alan Fuhrman

Chris Morl

Carol RuthChief Financial Officer

Chief Operating Officer

The Ruth GroupAmbit Biosciences

Ambit Biosciences

(646) 536-7004(858) 334-2133

(858) 334-2134

SOURCE Ambit Biosciences Corporation
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