Ambit Biosciences Inc., a San Diego, CA-based biopharmaceutical company engaged in the development of a robust pipeline of small molecule kinase inhibitors for the treatment of cancer, inflammatory disease and other indications, has closed the first $25m tranche of a new $50m financing.
The round was led by existing investor OrbiMed Advisors, with participation from other existing investors including Aisling Capital, Apposite Healthcare, Roche Ventures, GrowthWorks, MedImmune Ventures, Forward Ventures, GIMV, and Radius Ventures.
The company intends to use the capital to continue to advance its lead drug candidate, quizartinib.
Led by President and CEO Michael Martino, Ambit is developing quizartinib (AC220), a novel, orally bioavailable FMS-like tyrosine kinase-3 (FLT3) inhibitor, which is currently under clinical investigation in patients with relapsed or refractory AML and treatment-naive AML. The company is developing quizartinib in collaboration with Astellas Pharma 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 AC430, an oral JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva. Its preclinical portfolio also includes a proprietary CSF1R inhibitor program.
In conjunction with the financing, David Bonita, M.D, of OrbiMed Advisors will join the company’s board of directors.