This week Ambit Biosciences announced the closing of the first $25 million tranche of a new $50 million financing. These funds will be used to support development of the company’s lead drug candidate, quizartinib, as well as other programs in its pipeline.
Results from a Phase 2 study evaluating quizartinib in patients with relapsed/refractory of acute myeloid leukemia will be presented at the 2012 Annual Meeting of the American Society of Hematology (ASH) in Atlanta, GA. The drug is designed to inhibit the Flt3 kinase, which is mutated in 30 percent of AML patients and is associated with the more aggressive form of the disease. Patients with the mutation have a five-year survival rate of 15 percent, compared to patients without the mutation that have a 40-50 percent five-year survival rate.
Leading the financing was existing investor OrbiMed Advisors. Existing investors also participated, including Aisling Capital, Apposite Healthcare, Roche Ventures, GrowthWorks, MedImmune Ventures, Forward Ventures, GIMV and Radius Ventures.
Russo Partners conducted proactive media outreach for this announcement and secured coverage across newswires, including Dow Jones VentureWire; industry publications, including BioWorld Today; and regional publications, including the U-T San Diego. Read more about the financing in the articles below from Xconomy and U-T San Diego.