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Ambit Biosciences' revenue down in 2Q

San Diego-based Ambit Biosciences (Nasdaq: AMBI) reported Wednesday revenues in the second quarter of 2014 were $26,000, compared to $11.5 million in the second quarter of 2013.

The company says the decrease was primarily due to the termination of its collaboration with Astellas Pharma, effective September 2013.

Ambit reported cash and equivalents of $52.8 million in the second quarter of 2014 ending June 30, compared to $71.2 million on December 31, 2013. The decrease was primarily due to the use of cash to fund operations, according to Ambit.

Research and development expenses were $7.1 million in the second quarter of this year, compared to $6.7 million in the second quarter of 2013.

The company expects its research and development expenses to continue to increase throughout 2014 as its Phase 3 clinical trial of quizartinib in relapsed or refractory AML patients continues enrollment and treatment of patients.

“We are pleased to have initiated our Quantum-R Phase 3 trial, our most notable achievement of the first half,” said Michael Martino, Ambit's president and CEO. “The trial is progressing and sites continue to be activated on plan. This will remain our primary operating focus throughout the year.”

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