Ambit Biosciences (Ambit), an emerging biopharmaceutical company engaged in the development of kinase inhibitors for the treatment of cancer and other conditions, today announced that it has completed a Series D-2 round of equity financing, raising $30 million in new capital. The investor syndicate was led by Apposite Capital LLP and included participation from existing investors including Perseus-Soros Biopharmaceutical Fund, OrbiMed Advisors, Forward Ventures, Roche Venture Fund, MedImmune Ventures, GIMV, GrowthWorks, Genechem, Radius Ventures, NovaQuest and Horizon Technology Finance.
“We are very pleased that our existing investors have reaffirmed their confidence in the Company, providing us with sufficient funding to pursue our strategy and enabling us to withdraw our plans for an initial public offering.”
"This recent capital raise will allow us to continue the clinical development of our lead product candidate, AC220, which is currently in a Phase 2 pivotal trial in Acute Myeloid Leukemia. This financing also provides for the continued development of our other two clinical assets, AC430 and AC480, both of which are in Phase 1 trials," said Alan Lewis, President and CEO of Ambit Biosciences. "We are very pleased that our existing investors have reaffirmed their confidence in the Company, providing us with sufficient funding to pursue our strategy and enabling us to withdraw our plans for an initial public offering."
"We are very committed in our support of Ambit's research and development efforts. The Company has made good progress in furthering the clinical development of all of its clinical assets including its lead compound. Its current pipeline and approach to optimizing and selecting potential new drugs provides Ambit with a competitive edge that we believe is unmatched in the industry," said Allan Marchington, Partner, Apposite Capital.
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