Ambit Biosciences Prices IPO

San Diego-based Ambit Biosciences has priced its IPO, saying that it is offering up 8,125,000 shares of its common stock at $8.00 per share. The company will start trading today on the NASDAQ Global Market as AMBI. Ambit priced well below its estimated initial public offering range, which had been set at between $13.00 and $15.00 per share. Ambit is venture backed by Apposite Healthcare Fund, Forward Ventures, GIMV, GrowthWorks, MedImmune Ventures, OrbiMed, Perseus-Soros Biopharmaceutical Fund, Roche, and others. Ambit is developing biopharmaceuticals for treating oncology, autoimmune and inflammatory diseases.