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Ambit Biosciences Announces Third Quarter 2013 Operating Results
Date:11/7/2013

earch, organizational development and planning related to the return of full rights for quizartinib.

Other expenses (net) were $10.3 million and $3.6 million for the nine months ended September 30, 2013 and 2012, respectively.  The increase of $6.7 million was primarily due to the change in fair value of the Company's stock warrant liabilities, which is driven by the change in fair value of the underlying preferred or common securities.

At September 30, 2013, the Company had cash and equivalents of $78.9 million, compared to $17.5 million at December 31, 2012.  The increase of $61.4 million was primarily due to the completion of an initial public offering that raised net proceeds of $58.1 million and to the completion of a concurrent private offering that raised net proceeds of $25.1 million, less cash used to fund operations.

The Company expects its research and development expense to increase as it prepares for the initiation of the Phase 3 clinical trial of quizartinib in relapsed or refractory AML patients, which is expected to begin early in 2014.  Under the base case operating plan, which assumes that the FDA will require a randomized, controlled Phase 3 clinical trial for an NDA submission, the Company currently expects cash and cash equivalents to be sufficient to fund this trial and operations through the receipt of top line data from the Company's Phase 3 trial in approximately 326 relapsed/refractory AML patients. 

Conference Call and Webcast
A conference call hosted by the Ambit management team will be webcast live today at 2pm PT or 5pm ET and can be accessed by dialing 866-436-9172 for domestic callers and 630-691-2760 for international callers. Please specify that you would like to join the "Ambit Third Quarter 2013 Earnings Conference Call" and reference conference ID number 35424048.  If you are unable to listen to the live webcast, a teleconference replay will be available through Thursday,
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