Ambit Biosciences to Unveil Clinical Data from its AC220 AML Trial at American Society for Hematology Annual Conference

Ambit Biosciences today announced that data for the company’s lead compound, AC220, will be presented at the 50th Annual Meeting of the American Society of Hematology (ASH), occurring December 6 through 9, 2008 in San Francisco. Two oral presentations and one poster presentation will highlight clinical and preclinical data for AC220, a compound that potently and selectively inhibits the receptor tyrosine kinase FLT3 and is currently in clinical development for acute myeloid leukemia (AML).

Jorge Cortes, M.D., Professor of Medicine and Deputy Chair of the Department of Leukemia at MD Anderson Cancer Center will present for the first time results from the ongoing clinical trial of AC220 in patients with relapsed or refractory AML on Tuesday, December 9 at 8:30 AM during the Acute Myeloid Leukemia – Therapy, Excluding Transplantation session.

Earlier that morning, at 7:45 and in a different location, Patrick Zarrinkar, Ph.D., Ambit’s Vice President, Technology Development will present preclinical data generated on AC220 during the New Targeted Drugs (preclinical) session.

On the evening of Sunday, December 7, a poster highlighting the clinical pharmacokinetics and effect of AC220 on FLT3 phosphorylation will be presented from 6:00 to 8:00.

Oral Presentations – Tuesday, December 9

Session: Acute Myeloid Leukemia – Therapy, Excluding Transplantation

* Time: 8:30 AM Pacific Standard Time (PST)

* Presentation Title: “Phase 1 AML Study of AC220, a Potent and Selective Second Generation FLT3 Receptor Tyrosine Kinase Inhibitor” (Abstract #767)

* Location: Moscone Center, Rooms 3020-3022-3024 – West

Session: New Targeted Drugs (pre-clinical)

* Time: 7:45 AM PST

* Presentation Title: “AC220 Is a Uniquely Potent and Selective Second-Generation FLT3 Inhibitor” (Abstract #859)

* Location: San Francisco Marriott, Yerba Buena Ballroom Salon 8

Poster Presentation – Sunday, December 7

Session: Molecular Pharmacology, Drug Resistance Poster II

* Time: 6:00 to 8:00 PM PST

* Poster Title: “Phase 1 AML Study of AC220, a Potent and Selective Second Generation FLT3 Receptor Tyrosine Kinase Inhibitor” (Abstract #2637; Poster Board II-731)

* Location: Moscone Center Hall A

About Acute Myeloid Leukemia (AML)

Acute myeloid leukemia is a form of blood cancer. In 2006, the American Cancer Society estimated almost 12,000 new cases of AML were diagnosed in the U.S., and that some 9,000 patients died of the disease. Standard treatment for AML includes systemic combination chemotherapy, with 60 percent to 70 percent of adults achieving complete remission. Despite the high response rates to initial treatment with traditional chemotherapy, the average five-year survival rate for AML is still only 20 percent due to refractory and relapsed disease and non-responders to traditional therapy. According to a report from Decision Resources, the U.S. AML market is expected to more than double by 2015.

About Ambit Biosciences

Ambit Biosciences is a biopharmaceutical company engaged in the discovery and development of small molecule kinase inhibitors for the treatment of cancer, inflammatory disease, and other indications. Ambit employs a novel kinase profiling technology named KINOMEscan to screen compounds against large numbers of human kinases. Ambit’s lead compound, AC220, is in clinical development for the treatment of AML and other indications. Ambit plans to commence in 2009 several clinical studies with AC220, including a large Phase 2 study in AML. Ambit’s clinical pipeline also includes AC480, an oral panHER inhibitor that was in-licensed from BMS as part of an ongoing collaboration. Ambit is conducting Phase 2 studies with AC480 in patients with solid tumor cancers. Additionally, Ambit has an advancing pool of preclinical candidates targeting BRAF (in collaboration with Cephalon), JAK2, Aurora, and CSF1R. Three IND submissions are anticipated in 2009. Through its KINOMEscan Division, Ambit markets its technology as a profiling service. For more information, visit www.ambitbio.com.