Ambit Biosciences will price initial public offering of common stock

Proceeds used for clinical development of quizartinib, working capital

By Devika Patel

Knoxville, Tenn., Feb. 20 - Ambit Biosciences Corp. plans to conduct an initial public offering of its common stock, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission. The company intends to list its common stock on the Nasdaq stock exchange under the symbol "AMBI."

The deal will have a greenshoe option.

Citigroup, Leerink Swann, BMO Capital Markets and Baird are assisting.

Proceeds will be used for clinical development of quizartinib, development of the company's other programs, working capital and other general corporate purposes.

The biopharmaceutical company is based in San Diego.

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