Ambit Biosciences Announces Pricing of Initial Public Offering

SAN DIEGO, May 16, 2013 /PRNewswire/ -- Ambit Biosciences Corporation today announced the pricing of its initial public offering of 8,125,000 shares of its common stock at $8.00 per share.  Ambit has granted the underwriters a 30-day option to purchase up to an additional 1,218,750 shares at the initial public offering price to cover over-allotments, if any.  Ambit's common stock is scheduled to begin trading on The NASDAQ Global Market on May 16, 2013, under the symbol "AMBI."

The joint book-running managers for the offering are Citigroup and Leerink Swann. In addition, BMO Capital Markets is acting as lead manager and Robert W. Baird & Co. Inc. is acting as co-manager.

This offering is being made by means of a prospectus, copies of which may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, or by email at [email protected] or by phone at 1-800-831-9146, and Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Mass., 02110, or by email at [email protected] or by phone at 1-800-808-7525.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (SEC) on May 15, 2013.

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 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 jurisdiction.

About Ambit Biosciences

Ambit is a biopharmaceutical company focused on the discovery, development and commercialization of drugs to treat unmet medical needs in oncology, autoimmune and inflammatory diseases by inhibiting kinases that are important drivers for those diseases. Ambit's lead drug candidate, quizartinib (AC220), is a once-daily, orally-administered potent and selective, inhibitor of FMS-like tyrosine kinase-3 (FLT3) and is currently under clinical development in patients with relapsed/refractory acute myeloid leukemia (AML) and in newly diagnosed AML patients in combination with chemotherapy as well as maintenance following a hematopoietic stem cell transplantation (HSCT). In addition to quizartinib, Ambit's clinical pipeline includes AC410, an oral JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva Pharmaceutical Industries Ltd. Ambit's preclinical portfolio includes a proprietary CSF1R inhibitor program.

Contacts:
Ian Stone or David Schull
Russo Partners
(619) 308-6541
(212) 845-4271
[email protected]
[email protected]

Robert Flamm, Ph.D.
Russo Partners
(212) 845-4226
[email protected]

SOURCE Ambit Biosciences Corporation