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Ambit Biosciences Files For IPO Of Up To $58M

 February 21, 2013 01:25 PM

(By Balachander) Ambit Biosciences Corp., a kinase drug development company, has filed to raise up to $58 million in an initial public offering (IPO) of common stock.

The filing with the U.S. federal regulators did not disclose how many shares the company plans to offer or the pricing terms.

The  San Diego, California-based biopharmaceutical company withdrew its $86 million IPO in 2010.

Ambit's lead drug candidate, quizartinib (AC220), is a once-daily, orally-administered potent and selective, inhibitor of FMS-like tyrosine kinase-3 (FLT3) a validated target in the treatment of acute myeloid leukemia (AML).

Quizartinib is currently in Phase 2b clinical development in patients with relapsed/refractory AML who express a genetic mutation in FLT3.

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The company has partnered with Astellas Pharma Inc. for the worldwide co-development and commercialization of quizartinib.

Ambit plans to use the net proceeds from the offering and the concurrent private placement to fund the continued clinical development of quizartinib, its other programs and for working capital and other general corporate purposes.

The company's clinical pipeline includes AC410, an oral JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva Pharmaceutical Industries Ltd (TEVA).

For the year ended 2012, the company posted a net loss attributable to Ambit of $26.65 million.

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Ambit intends to list on the NASDAQ under the symbol "AMBT."

Ambit said certain of its existing stockholders have agreed to purchase shares of Ambit's common stock in a separate private placement concurrent with the completion of the offering at a price per share equal to the initial public offering price.

Citigroup and Leerink Swann are the joint bookrunners of the offering.

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