Ambit Biosciences Appoints Mark Foletta To Board Of Directors

SAN DIEGO, Jan. 27, 2014 /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 the appointment of Mark G. Foletta to its Board of Directors where he will also serve as Chair of the audit committee.

"We are thrilled to welcome Mark to our board at this exciting time in Ambit's development and growth as a public company," said Michael Martino, CEO of Ambit. "His significant experience in the pharmaceutical industry combined with his strong financial background and leadership role on the audit committee will be great assets as we move forward with the clinical development of our lead drug candidate, quizartinib, and our pipeline of kinase inhibitors." 

"I am excited to join the team at Ambit and look forward to playing a role in driving the advances of a company that has the potential to truly make a difference in the lives of patients with AML," said Mr. Foletta. "The company has made a great deal of progress in pulling together the resources and expertise needed to develop and commercialize drug candidates, and I am eager to work with board members and the senior leadership team as we seek to bring Ambit's goals to reality."

Mr. Foletta currently serves on the board of directors of AMN Healthcare Services and Regulus Therapeutics, where he brings extensive financial and biotechnology expertise. Mr. Foletta served as Senior Vice President, Finance and Chief Financial Officer of Amylin Pharmaceuticals, Inc. from 2006 to August 2012 and was instrumental in the growth of Amylin's diabetes and obesity franchises, including the commercial launch of diabetes drugs BYDUREON^®, BYETTA^® and SYMLIN^®. Prior to joining Amylin in 2000, Mr. Foletta held a number of management positions with Intermark, Inc. and Triton Group Ltd. and served as an Audit Manager with Ernst & Young. Mr. Foletta received a B.A. in Business Economics from the University of California, Santa Barbara. He is a Certified Public Accountant and a member of the Corporate Directors Forum.

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.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements associated with Ambit's expectations regarding future development and therapeutic potential of quizartinib and Ambit's other drug candidates. These forward-looking statements are based upon Ambit's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. These and other risks concerning Ambit's programs are described in additional detail in Ambit's SEC filings. All forward-looking statements contained in this press release speak only as of the date on which they were made. Ambit undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE Ambit Biosciences