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Ambit Biosciences Names Michael A. Martino President and Chief Executive Officer
Date:11/16/2011

SAN DIEGO, Nov. 15, 2011 /PRNewswire/ -- Ambit Biosciences Inc. today announced the appointment of Michael A. Martino as President, Chief Executive Officer and member of the Board of Directors. Martino brings to Ambit a nearly 30-year track record in leading privately held and publicly traded life sciences companies through late-stage clinical development, fundraising, commercial and business development activities, including new product launches and mergers and acquisitions.  He replaces Alan Lewis, Ph.D., who announced his departure earlier this year and recently left the company after supporting the transition to Martino's appointment.

"We are pleased that Mike, having completed diligence sees what we see: a promising lead drug candidate, quizartinib, with compelling interim data in a high medical need population and valuable earlier-stage assets that together make up an impressive pipeline," said Faheem Hasnain, Ambit's Chairman.  "Mike is joining a talented and committed Ambit team that has successfully moved three drug candidates into the clinic, any one of which could be a lead drug in an earlier stage company, and discovered several promising preclinical compounds. Mike will provide the necessary experience and leadership to drive quizartinib through the approval process and prioritize and focus development of the pipeline."

Martino said, "I am pleased to join Ambit and continue the development of its rich pipeline of early and late-stage programs.  There is tremendous promise in quizartinib where the interim Phase 2 data suggest durable leukemic control in relapsed/refractory acute myeloid leukemia patients with FLT3-ITD mutations who otherwise have very limited treatment options available.  I also look forward to focusing and leading the development of our earlier clinical stage assets, AC430 and AC480, which are targeted at large patient populations with unmet needs."

From 1999 to 2008, Martino served as Presid
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SOURCE Ambit Biosciences Inc.
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