 Infinity Overview August 4, 2008 Exhibit 99.2 |
 2 2 Forward-Looking Statements • This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. • Such forward-looking statements include those regarding future clinical trial activity for IPI-504, IPI-493 and IPI-926, including the completion of the planned Phase 3 clinical trial of IPI-504 in refractory GIST; the presentation of data for IPI-504; estimates of 2008 financial performance; and the expectation that Infinity will have cash to support its current operating plan into 2010. • Such statements are subject to numerous factors, risks and uncertainties that may cause actual events or results to differ materially from Infinity's current expectations. For example, there can be no guarantee that any product candidate Infinity is developing will successfully complete necessary preclinical and clinical development phases. In particular, expectations could be affected by risks and uncertainties relating to: results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites, and publication review bodies; Infinity's ability to enroll patients in its clinical trials; Infinity's dependence on its collaboration with MedImmune/AstraZeneca; Infinity's ability to obtain additional funding required to conduct its research, development and commercialization activities; unplanned cash requirements and expenditures; and Infinity's ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing. • These and other risks which may impact Infinity’s expectations are described in greater detail under the caption "Risk Factors" included in Infinity's quarterly report on Form 10-Q for the quarter ended March 31, 2008, which was filed with the Securities and Exchange Commission on May 9, 2008. • Further, any forward-looking statements contained in this presentation speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. • All trademarks used in this presentation are the property of their respective owners. |
 3 Infinity Investment Thesis • Sustainable pipeline of proprietary small molecules for key targets – Hsp90 inhibition: IPI-504 i.v. (retaspimycin hydrochloride) and IPI-493 p.o. – Hedgehog pathway inhibition: IPI-926 • International Ph 3 trial for IPI-504 expected to be open in 3Q08 under SPA – IPI-504 positioned as potential first-in-class anti-chaperone agent • Broad, near-term potential – Multiple IPI-504 trials underway in major disease categories; IPI-493 in Phase 1 trial • Strong balance sheet; well-capitalized – Resources support current operating plan into 2010 • Proven management team – First- and best-in-class NDAs, value-creating business transactions |
 4 4 Solid tumors Hsp90 oral: IPI-493 Discovery Preclinical Phase 1 Phase 2 Phase 3 Hsp90 i.v.: IPI-504 (retaspimycin hydrochloride) GIST/STS NSCLC Docetaxel Combo Add’l Solid Tumor Solid tumors Hedgehog Pathway: IPI-926 Bcl-2/Bcl-xL* Discovery Programs By early 2009 GIST Ph 3 open 3Q08 INFI: Building a sustainable oncology pipeline FPI 2H 2008 *Transitioned to Novartis February 2008 |
 5 5 Solid tumors Hsp90 oral: IPI-493 Discovery Preclinical Phase 1 Phase 2 Phase 3 Hsp90 i.v.: IPI-504 (retaspimycin hydrochloride) GIST/STS NSCLC Docetaxel Combo Add’l Solid Tumors Solid tumors Hedgehog Pathway: IPI-926 Bcl-2/Bcl-xL Discovery Programs By early 2009 GIST Ph 3 open 3Q08 Targeted anti-chaperone therapy via Hsp90 inhibition: a novel strategy for cancer treatment FPI 2H 2008 |
 6 6 Hsp90 Inhibition: How it works Hsp90 is a “chaperone” protein responsible for supporting and stabilizing numerous oncogenic proteins IPI-504 binds at ATP site and inhibits proper folding Unstable oncogene degraded; tumor growth inhibited |
 7 7 Oncogenic protein drives cancer cell survival & growth Cancer cell death Tyrosine kinase inhibitor (e.g., Gleevec, Tarceva) Normal protein Resistance mutations evade TKI therapy IPI-504 / IPI-493 (oral) IPI-504 Dependent on Hsp90 for function Still depends on Hsp90 for function Rapid registration in refractory setting Expand potential in front-line / combo Targeted anti-chaperone therapy: A new treatment approach |
 8 Phase 1 results from ASCO 2008 reported activity and safety of IPI-504 in refractory GIST • 70% overall disease control after 2 cycles (6 weeks) in patients with GIST • Estimated median Progression Free Survival (PFS) of 12 weeks • Generally well-tolerated with an acceptable safety profile GIST Other STS Number of patients 36 11 Partial Response (PR) 1 ( 3%) 1 ( 9%) Stable Disease (SD) 24 (67%) 4 (36%) Progressive Disease (PD) 11 (30%) 6 (55%) 1. 90-400 mg/m - twice weekly, 2 weeks on 1 week off 2. PRs confirmed Wagner et al., ASCO 2008 2 1 2 |
 9 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Weeks Post First Dose 0 12 24 36 48 60 72 84 96 108 120 132 144 156 168 180 192 204 216 228 240 252 264 PROGRESSION On Imatinib Median 36 wks Overall Survival by Best Response Achieved (Kaplan Meier Estimate) STABLE DISEASE PARTIAL RESPONSE 1 Blanke, CD, et al. J Clin Onc 2006 (ASCO Proceedings) Part I, Vol 24; No. 18S: 9528. Stable disease is important in GIST 1 Both SD and PR predict survival |
 10 10 Stable disease for >6 weeks is meaningful in the refractory GIST setting 1 Results from the Phase 3 Sutent ® trial in GIST TTP on Placebo: 6.4 weeks TTP on Sutent ® : 27.3 weeks Response Rate on Sutent ® : 7% 1 Goodman VL, Rock EP, Dagher R, Ramchandani RP, Abraham S, Gobburu JVS, Booth BP, Verbois SL, Morse DL, Liang CY, Chidambaram N, Jiang JX, Tang S, Mahjoob K, Justice R, Pazdur R. Approval summary: sunitinib for the treatment of imatinib refractory or intolerant gastrointestinal stromal tumors and advanced renal cell carcinoma. Clin Cancer Res (2007) 13:1367-1373. |
 Phase 3 registration trial: RING Retaspimycin in GIST Trial under Special Protocol Assessment and EMEA advice • Study designed in consultation with international group of KOLs – Randomized, double-blind, placebo-controlled study – Approx. 200 patients; >50 sites worldwide – Patients with progressive GIST despite treatment with Gleevec ® and Sutent ® • Primary endpoint: Progression-free survival (PFS) – Secondary endpoints: Disease control rate, time to progression, & overall survival • Efficient trial design – Enrollment expected to open in 3Q 2008 – Trial anticipated to be completed in ~2 years 11 |
 Potential of anti-chaperone therapy beyond GIST • Phase 2 in NSCLC as part of Phase 1/2 trial – Promising preliminary data from Phase 1 presented at EORTC in 2007 • 7 of 9 (78%) Stable Disease • 1 pt with mtEGFR experienced extended SD >6 months (28 weeks) • Correlative PET activity observed – Phase 2 evaluating mtEGFR and wild-type with potential to expand – Preliminary Phase 2 data anticipated by end 2008 • Phase 1b combo with docetaxel – Patients with advanced solid tumors – Establish safety, MTD, and optimal schedule of administration • Additional clinical studies of IPI-504 planned to start by early 2009 12 |
 13 13 Phase 1 trial of oral IPI-493 in patients with solid tumors • Demonstrated oral availability and potent and selective Hsp90 inhibition in preclinical models – Oral geldanamycin analogue that overcomes previous class-based liabilities • Preclinical data expected at EORTC in October 2008 • IPI-493 in Phase 1 clinical trial in patients with advanced solid tumors – Dose-escalation study evaluating safety and tolerability – Identify dose and schedule for further clinical development – Assess biological activity using RECIST and disease-specific markers |
 14 14 • Worldwide collaboration: R&D and commercial • Compelling economics: Control INFI cash burn, significant downstream participation – $70M upfront; $215M potential milestones – R&D cost share and 50/50 WW profit split – Co-promotion rights in US • Provides global oncology infrastructure and reach AstraZeneca alliance on Hsp90 program |
 15 15 Solid tumors Hsp90 oral: IPI-493 Discovery Preclinical Phase 1 Phase 2 Phase 3 Hsp90 i.v.: IPI-504 (retaspimycin hydrochloride) GIST/STS NSCLC Docetaxel Combo Add’l Solid Tumors Solid tumors Hedgehog Pathway: IPI-926 Bcl-2/Bcl-xL Discovery Programs By early 2009 GIST Ph 3 open 3Q08 Hedgehog Pathway Inhibitor Program: IPI-926 FPI 2H 2008 |
 16 Genetic mutation medulloblastoma basal cell carcinoma Pathway activation pancreatic, gastric, prostate, glioma Tumor progenitor cells SCLC, glioblastoma, breast, multiple myeloma Hedgehog pathway implicated in variety of solid tumors and hematological malignancies Hh in Cancer |
 17 Infinity’s Hedgehog inhibitor: IPI-926 H O O N H H H H H H Potency (15nM in cell based assay) Selectivity Metabolic stability IPI-926 Oral bioavailability Long half-life In vivo activity cyclopamine • Issued composition of matter patent • Infinity-discovered & 100% owned royalty-free worldwide • Phase 1 trial anticipated by end of 2008 |
 18 Daily oral administration of IPI-926 shows dose dependent inhibition of tumor growth -500.00 0.00 500.00 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 15 20 25 30 35 40 45 50 55 60 65 Days VEH--30% HPBCD in WFI IPI-926 @ 4mg/kg IPI-926 @ 10mg/kg IPI-926 @ 20mg/kg Treatment phase 4/7 fully regressed B837Tx tumor Ptch/Hic model of medulloblastoma Pink et al., 2008 AACR |
 19 19 Once-daily administration of IPI-926 resulted in 100% survival during treatment period 0 1 2 3 4 5 6 7 8 9 10 11 10 14 18 22 26 30 34 38 42 46 50 Days post implant Veh IPI-926 @ 40mg/kg Start of TX End of TX Mouse model, orthotopically implanted B837Tx medulloblastoma tumor Pink et al., 2008 AACR |
 20 E/P - IPI-926 E/P -Vehicle Vehicle IPI-926 Days Post Implant Mice randomized +/- IPI-926 Last day of E/P treatment 5 weeks total of IPI-926 follow-up treatment; 40 mg/kg, PO QD 82% IPI-926 significantly delays tumor re-growth following tumor debulking in SCLC model Travaglione et al., 2008 AACR |
 21 21 Business Update |
 22 Executing on our R&D and business strategy Initiate additional IPI-504 clinical studies By early 2009 Initiate IPI-493 Phase 1 clinical trial Present preliminary IPI-504 Phase 2 data in NSCLC By end 2008 Initiate RING Ph 3 registration trial of IPI-504 in GIST Q3 08 Secure SPA for IPI-504 Phase 3 GIST study Present IPI-504 Phase 1 GIST data (ASCO) IPI-504 & IPI-493: Anti-Chaperone Agents Initiate Phase 1 clinical study 2H 2008 Present preclinical data (AACR) IPI-926: Hedgehog pathway inhibitor |
 23 23 Strong balance sheet and cash runway • Well-capitalized – Started 2008 with $114M cash and investments – $94.5M cash and investments at 6/30/08 • Burn rate well-controlled – 50% cost-sharing of Hsp90 program with MedImmune/AstraZeneca • Projected 2008 net cash burn: $35M - $45M • Cash to support current plan into 2010 – Sufficient capital to achieve key value creation milestones |
 24 Infinity Leadership Michael Curtis, Ph.D., VP Pharm. Devel. TKT, Syntonix, Genzyme, Bristol-Myers Squibb David Grayzel, M.D., VP Clin Dev. & Med. Affairs Dyax, Mass General Hospital John Keilty, Sr Dir Informatics Millennium, UMass Medical School Vito Palombella, Ph.D., VP Drug Discovery Syntonix, Millennium, ProScript Steven Kafka, Ph.D., VP Finance Millennium, Strategic Decisions Group Jeanette Kohlbrenner, Sr Dir Human Resources Genetics Institute, Syntonix Gerald Quirk, Esq., VP & General Counsel Genzyme, Palmer & Dodge Jeffrey Tong, Ph.D., VP Corp. & Product Dev. McKinsey & Co, Harvard Ctr. for Genomics Research Steven Holtzman Chair, President & CEO Millennium, DNX Julian Adams, Ph.D. CSO & President of R&D Millennium, ProScript, Boehringer Ingelheim, Merck Adelene Perkins Chief Business Officer & EVP Transform, Genetics Institute, Bain, GE |
 25 Infinity Investment Thesis • Sustainable pipeline of proprietary small molecules for key targets – Hsp90 inhibition: IPI-504 i.v. (retaspimycin hydrochloride) and IPI-493 p.o. – Hedgehog pathway inhibition: IPI-926 • International Ph 3 trial for IPI- 504 expected to be open in 3Q08 under SPA – IPI-504 positioned as potential first-in-class anti-chaperone agent • Broad, near-term potential – Multiple IPI-504 trials underway in major disease categories; IPI-493 in Phase 1 trial • Strong balance sheet; well-capitalized – Resources support current operating plan into 2010 • Proven management team – First- and best-in-class NDAs, value-creating business transactions |