Ambit Biosciences Inc. has closed a $25 million of a new $50 million financing, the company announced. Existing investor OrbiMed Advisors led the financing with participation from other existing investors including Aisling Capital, Apposite Healthcare,Roche Ventures, GrowthWorks, MedImmune Ventures, Forward Ventures, GIMV, and Radius Ventures. Ambit is a biopharmaceutical company developing “small molecule kinase inhibitors” for the treatment of cancer, inflammatory disease and other conditions.
“2012 has been a pivotal year of progress for Ambit, and this financing is a reflection of that progress and the momentum we have built as a team,” said Michael Martino, President and CEO of Ambit. “We’ve received the data from our large, 333 patient Phase 2 trial of quizartinib in patients with relapsed/refractory AML, and we are excited to present that data at ASH in Atlanta in December. We’ve refocused and prioritized our work on earlier stage pipeline assets, including our oral JAK2 and CSF1R inhibitor programs, and re-energized the team. This financing, with OrbiMed Advisors leading a round in which all existing investors participated, is a strong vote of confidence in our direction and provides the resources to accelerate our progress in 2013.”"