Ambit Withdraws IPO
San Diego’s Ambit Biosciences, which is developing anti-cancer compounds that block the activity of certain protein kinases, withdrew its IPO registration, according to a regulatory filing yesterday. The biotech filed to go public on Nov. 5, and had planned to raise more than $86 million.
In a letter signed by CFO Alan Fuhrman, Ambit says the initial public offering would have been a discretionary financing, and currently available terms “are not sufficiently attractive” to continue with its IPO.
On its website, Ambit says it has raised more than $105 million over the past 11 years from Perseus-Soros Biopharmaceutical Fund, Apposite Capital, MedImmune Ventures, Forward Ventures, Roche Venture Fund, and others. The company also has revenue-generating drug-development partnerships with Astellas, Bristol-Myers Squibb Company, and Cephalon.