San Diego-based Ambit Biosciences has banked $49.3 million in its fourth venture round, earmarking much of that money for its work developing kinase inhibitors. That's enough money to finance the company's operations through 2009. An open label, dose escalation study of AC220 for acute myeloid leukemia is expected to be completed early next year. CEO Scott Salka told BioWorld that preliminary data for the program was positive.
To date, Ambit has raised $106 million to fund operations. Apposite Capital led the round with MedImmune Ventures, OrbiMed Advisors and others joining in. Ambit was a 2006 Fierce 15 company.
- check out the release for more
- here's the BioWorld article