Friday, June 10, 2011

Ambit Biosciences Raises $30M

San Diego-based Ambit Biosciences, which is developing cancer treatments, announced this morning that it has raised $30M in Series D-2 round of funding. The funding was led by Apposite Capital LLP, and also included prior investors Perseus-Soros Biopharmaceutical Fund, OrbiMed Advisors, Forward Ventures, Roche Venture Fund, MedImmune Ventures, GIMV, GrowthWorks, Genechem, Radius Ventures, NovaQuest and Horizon Technology Finance. The new funding follows the firm's abandonment of its plan for an IPO earlier this month. Ambit said the new funding provides it with sufficient funding to pursue its strategy, and enabled it to withdraw its plans for an IPO. More information »