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Ambit Biosciences Sets IPO Pricing Between $13 And $15 Per Share

 May 02, 2013 02:22 PM

(By Balachander) Ambit Biosciences Corp., a kinase drug development company, plans to sell roughly 4.64 million shares in an initial public offering (IPO) of common stock at between $13.00 and $15.00 apiece. 

The San Diego, California-based biopharmaceutical company, which intends to list on the NASDAQ under the symbol "AMBT.", 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 of about $57.6 million 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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Citigroup (C) and Leerink Swann are the joint bookrunners of the offering.

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