Ambrx Secures Additional $3 Million in Series C Financing

SAN DIEGO, July 24, 2006 – Ambrx, Inc., announced today it has secured commitments for an additional $3 million in Series C financing. This further investment, which was provided by Scottish Widows Investment Partnership, brings the total secured in the Company’s Series C financing to $55 million. Net proceeds will be used to further expand Ambrx’s novel protein modification platform, support the development of its product pipeline and for general working capital purposes.

About Ambrx

Ambrx, Inc., is a biopharmaceutical company focused on optimizing existing protein drugs. Using its technology, the company can overcome the performance challenges of high-value commercial proteins by improving their efficacy, safety and ease of use. Ambrx’s core ReCODE™ technology allows for the precise, site-specific substitution of a novel amino acid within a protein. This technology is applicable to multiple protein products across numerous therapeutic areas. Ambrx expects to initiate clinical trials with a long-acting, PEGylated human growth hormone in early 2007, followed by an enhanced, PEGylated interferon alpha molecule. With its innovative approach, Ambrx has successfully bridged the gap between a platform that works and drug development. For additional information, call 858.875.2400 or visit

Ambrx® and ReCODE™ are trademarks of Ambrx, Inc.