Ambit Biosciences Gets $25M Tranche

San Diego-based Ambit Biosciences announced this morning that it has raised $25M in the first tranche of a $50M preferred stock financing. The round will go towards supporting its lead drug candidate. The round was led by Orbimed Advisors, and also included Aisling Capital, Apposite Healthcare, Roche Ventures, GrowthWorks, MedImmune Ventures, Forward Ventures, GIMV, and Radius Ventures. David Bonita of OrbiMed joins the company's board as part of the funding. Ambit's lead candidate is aimed at treating acute myeloid leukemia. More information »