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Ambit to Use $49M from Series D VC Round to Develop Kinase Inhibitor

Nov 14, 2007
NEW YORK (GenomeWeb News) — Ambit Biosciences has landed $49.3 million in a Series D round of private-equity financing from new and existing investors, the company said today.
 
Ambit plans to use the funding blast to push its pipeline of small molecule kinase inhibitors, including several drug candidates it has in clinical and pre-clinical development, the company said.
 
The funding round was led by Apposite Capital and included new investors MedImmune Ventures, OrbiMed Advisors, Radius Ventures, NovaQuest, and Horizon Technology Finance.
 
They joined existing investors Perseus-Soros Biopharmaceutical Fund, Forward Ventures, Avalon Ventures, Roche Venture Fund, GIMV, Jov-CMDF, and Genechem.
 
Ambit also has added some new faces to its board of directors, including Allan Marchington, a partner at Apposite; David Mott, CEO and president of MedImmune; and Antonio Grillo-Lopez, former chief medical officer of IDEC.

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