Ambit Biosciences Files Registration Statement for Proposed Initial Public Offering

  Ambit Biosciences Files Registration Statement for Proposed Initial Public
                                   Offering

PR Newswire

SAN DIEGO, Feb. 20, 2013

SAN DIEGO, Feb. 20, 2013 /PRNewswire/ -- Ambit Biosciences Corporation today
announced that it has filed a registration statement on Form S-1 with the U.S.
Securities and Exchange Commission (SEC) for an initial public offering of its
common stock on the NASDAQ stock market. All shares of common stock to be sold
in the offering will be offered by Ambit. The number of shares and price range
for the offering have not been determined.

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. Incorporated is acting as co-manager. The offering will be made
only by means of a prospectus. When available, copies of the preliminary
prospectus relating to and describing the terms of the offering 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
batprospectusdept@citi.comor 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 Syndicate@Leerink.comor by phone at
1-800-808-7525.

A registration statement relating to these securities has been filed with the
SEC, but has not yet become effective. These securities may not be sold nor
may offers to buy be accepted prior to the time the registration statement
becomes effective. This 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 privately held 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).
Ambit is developing quizartinib in collaboration with Astellas Pharma Inc. as
part of a worldwide agreement to jointly develop and commercialize FLT3 kinase
inhibitors in oncology and non-oncology indications. 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:
Alan Fuhrman (Investors)
Chief Financial Officer
(858) 334-2133

Ian Stone or David Schull (Media)
Russo Partners
(619) 308-6541
(212) 845-4271
ian.stone@russopartnersllc.com
david.schull@russopartnersllc.com

SOURCE Ambit Biosciences Corporation