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Ambit Biosciences Strengthens Board of Directors and Executive Team
Date:11/8/2010

SAN DIEGO, Nov. 8, 2010 /PRNewswire/ -- Ambit Biosciences Corporation (Ambit) today announced the strengthening of its Board and management team.  

"The Board is delighted to appoint biotechnology industry veteran Faheem Hasnain as Chairman of the Board and to strengthen the executive management team with the appointment of Alan Fuhrman as Chief Financial Officer and the promotion of Christopher Morl to Chief Operating Officer," said Alan Lewis, President and Chief Executive Officer of Ambit.

Mr. Hasnain has built a distinguished career within the realm of oncology.  From December 2008 until its acquisition by Abbott Laboratories in April 2010, he was the president and chief executive officer and a director of Facet Biotech Corporation, a biology-driven antibody company with a focus in oncology and multiple sclerosis. Mr. Hasnain was president, chief executive officer and a director of PDL BioPharma, Inc. from October 2008 until Facet Biotech was spun off from PDL BioPharma in December 2008. From October 2004 to September 2008, Mr. Hasnain served at Biogen Idec Inc., a biotechnology company specializing in neurological disorders, autoimmune disorders and cancer, most recently as executive vice president in charge of the oncology/rheumatology strategic business unit. Prior to Biogen Idec, Mr. Hasnain held roles with Bristol-Myers Squibb, where he was president of the Oncology Therapeutics Network, and for 14 years at GlaxoSmithKline and its predecessor organizations. Mr. Hasnain has served on the board of directors of Somaxon Pharmaceuticals since September 2010.  Mr. Hasnain received a B.H.K. and B.Ed. from the University of Windsor Ontario in Canada.

Alan Fuhrman joins Ambit as Chief Financial Officer.  From November 2008 to September 2010, Mr. Fuhrman served as vice president and chief financial officer of Naviscan, Inc., a medical imaging company focused on the management of breast cancer. From September 2004 th
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