Healthcare Industry News:  Corvas 

Biopharmaceuticals Personnel

 News Release - January 26, 2006

Ambit Biosciences Appoints Donald R. Myll Senior Vice President Commercial Operations and Chief Financial Officer

Stephen Keane Joins Ambit as Vice President, Corporate Development

SAN DIEGO--(HSMN NewsFeed)--Jan. 26, 2006--Ambit Biosciences today announced that Donald R. Myll has joined the company as Senior Vice President Commercial Operations and Chief Financial Officer. Myll brings to Ambit more than 19 years of successful leadership in the healthcare industry. The company also announced the appointment of Stephen Keane to the position of Vice President, Corporate Development.

"Don has a proven track record of financial leadership and has served as an operating executive and CFO for several successful, rapid-growth companies in both private and public markets," said Scott Salka, Chief Executive Officer of Ambit. "We look forward to his business leadership and insights as we establish more partnerships for our proprietary KinomeScan kinase profiling technology and advance our kinase inhibitor drug candidates into the clinic. In addition, Stephen's extensive expertise in corporate development and his track record and reputation as a deal-maker will be key assets as Ambit forges new partnerships and expands our existing relationships with companies such as Pfizer, Johnson & Johnson, Roche, GlaxoSmithKline and Bristol-Myers Squibb."

Prior to joining Ambit, Myll served as Chief Financial Officer of AMN Healthcare, where he led the company in its initial public offering, secondary offering and other successful financing transactions. He has held senior positions at healthcare information technology company Daou Systems, where he worked as a member of a specialized turn-around management team, and venture capital-backed audiology services company Hearing Science, where he served as CEO and Director. Prior to joining Hearing Science, he was Senior Vice President and Chief Financial Officer of TheraTx, where he led the company's successful initial public offering and subsequent public debt financings, negotiated several M&A transactions, and spearheaded the negotiation and sale of the company. Myll received his B.A. in business economics from the University of California, Santa Barbara.

Stephen Keane brings to Ambit more than 20 years of biotechnology industry experience negotiating corporate alliances, establishing joint ventures, assisting in public and private financings, and supporting product development. Prior to joining Ambit, Keane held senior corporate development positions with Dendreon Corporation, Corvas International, Epimmune Inc., SIBIA Neurosciences, Inc. and Molecular Biosystems, Inc. He served as the principal negotiator for the acquisition of Corvas by Dendreon and SIBIA by Merck & Co. Keane received a B.A. from San Diego State University.

About Ambit Biosciences

Ambit Biosciences is a privately-held biopharmaceutical company engaged in the discovery and development of small molecule kinase inhibitors for the treatment of cancer. Ambit plans to initiate clinical trials with its lead FLT-3 inhibitor for the treatment of Acute Myeloid Leukemia in 2006. Ambit's proprietary kinase profiling technology, KinomeScan, is designed to be integrated across all stages of the drug discovery and development process and has been validated through collaborations with Roche, Bristol-Myers Squibb Company, GlaxoSmithKline, Pfizer and others. Ambit has raised a total of more than $56 million from investors including Perseus-Soros Biopharmaceutical Fund, Forward Ventures, Roche Venture Fund, Avalon Ventures, GIMV NV, MDS Capital, Genechem and Bristol-Myers Squibb Company.

Source: Ambit Biosciences

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