EPIRUS Biopharmaceuticals (EPRSQ) 425 Business combination disclosure

Creating

a Better Future

July 1, 2009

Christopher Gallen, CEO, Neuromed

Robert Forrester, Interim CEO, CombinatoRx

EXHIBIT 99.2

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995 concerning CombinatoRx, the proposed transaction with Neuromed,

the

expected

timetable

for

completing

the

transaction,

financial

condition,

future

business

prospects and market conditions for the combined entity, benefits and synergies of the

transaction, including product candidates and their development and commercial potential, drug

discovery technology, business development plans, intellectual property and plans for other

research and development programs. These forward-looking statements are based on the current

estimates

and

assumptions

of

the

management

of

CombinatoRx

as

of

the

date

of

this

presentation

and are subject to risks, uncertainties, assumptions and other factors that may cause actual

results to be materially different from those reflected in such forward-looking statements. 

Important factors that could cause actual results to differ materially from those indicated by such

forward-looking

statements

include:

conditions

affecting

the

markets

in

which

CombinatoRx

and

Neuromed

operate;

the

uncertainty

of

regulatory

approvals;

the

ability

of

CombinatoRx

and

Neuromed

to successfully integrate their respective operations; the ability to realize anticipated

synergies and cost savings; outcomes and timing of the regulatory approval process; and the

other risks discussed in this presentation and others that can be found in the "Risk Factors"

section

of

the

CombinatoRx

Annual

Report

on

Form

10-K

on

file

with

the

Securities

and

Exchange

Commission,

and

the

other

filings

made

by

CombinatoRx

with

the

Securities

and

Exchange

Commission.  No forward-looking statement can be guaranteed and actual results may differ

materially

from

those

CombinatoRx

projects.

CombinatoRx

is

providing

this

information

as

of

the

date of this presentation and does not undertake any obligation to publicly update any forward-

looking

statements

contained

in

this

document

as

a

result

of

new

information,

future

events

or

otherwise, except as required by law.

2

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

CombinatoRx

Mid-stage pipeline of product

candidates in pain, inflammation

and diabetes

Strong discovery alliances

Publicly listed with solid

shareholder base

Neuromed

Late-stage partnered product -

providing near-term non-dilutive

cash flow

Experienced product

development management team

Exciting early-stage product

candidates in pain and epilepsy

The Transaction

All-stock merger of equals

Novel contingent value terms around Exalgo™

approval

Cash to continue operations into 2012

The Result

Sustainable drug development company with

products and milestones to drive near-term

valuation and build a sustainable future.

A Synergistic Merger for Long-term Success

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Complimentary Product Pipeline

Discovery

Preclinical

Phase I

Phase II

Phase III

Exalgo

™

(Mallinckrodt)

Pain

Synavive

™

OA/RA

CRx-401

Type 2 Diabetes

CRx-170

Pain

CRx-191/197

Topical

Dermatology

CRx-601

Parkinson’s

Prednisporin™

(Fovea)

Ophthalmic

CCI’s: N,T,&N/T

Pain

CCI’s: N,T,&N/T

Epilepsy

BCM

B Cell

Malignancies

Novartis

Oncology

Current Neuromed

Pipeline

Current CombinatoRx

Pipeline

4

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

U.S. Commercial Partnership with Mallinckrodt –

May 2009

•

Compelling vision for franchise / product over long term

•

$15M upfront payment received

•

$16M for future development reimbursement

•

$30 -

$40M milestone payment upon approval

•

Significant tiered royalties on future sales post-approval

Well Defined Regulatory Approval Path

•

Identical

product

approved

in

EU

under

the

name

JURNISTA

®

•

Successful Phase 3 trial expected to meet SPA requirements

•

Complete response submission under review by FDA

•

PDUFA date set for Nov. 22, 2009

Extensive Clinical Testing

•

11 phase 2/3 studies in over 2200 patients

•

Phase 3 pivotal trial of 268 randomized patients met primary

endpoint with p value of <0.00001

Extended

release

Hydromorphone

(Dilaudid)

Exalgo

™

Targeted indication:

Moderate-to-severe       

chronic pain

5

Exalgo™

–

Significant Product Opportunity

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Exalgo™

–

Significant Product Opportunity

US Long Acting Opioid

(LAO) Market Large and Growing

•

2008:

22

million

Rxs

-

annual

growth

rate

of

9.3%

(IMS)

•

2008:

$4.8

billion

in

sales

–

annual

growth

rate

of

18%

(IMS)

Strong performance of Opana

ER-

most recent LAO

launched in US

•

Launched in US by Endo in July 2006

•

2007: 1% Rx share & 2% $ share or $83 million (IMS)

•

2008: 2% Rx share & 3.4% $ share or $164 million (IMS)

Strong launch performance of JURNISTA

®

in Germany

•

Launched in Germany in 2006 by Janssen-Cilag

•

2008: 3% Rx share & 5% $ share (IMS)

Extended

release

Hydromorphone

(Dilaudid)

Exalgo

™

Targeted indication:

Moderate-to-severe       

chronic pain

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Currently no LA form of hydromorphone

available in US

•

Only opioid

of the 5 major strong opioids

(i.e. morphine,

oxycodone, oxymorphone, fentanyl

& hydromorphone) that does

not

have

a

complimentary

long

acting

formulation

–

key

opportunity for Exalgo

US Prescribing

audience very familiar with

hydromorphone

IR

•

2.5million Rxs

in 2008 -

representing 19% share of Short Acting

Opioid

market with annual growth at 17% (IMS)

•

Provides strong foundation for Exalgo

growth

Highly concentrated prescriber audience in US facilitates

efficient marketing

and sales

•

11,500 prescribers which represent ~5% of total LAO prescribers

(247,000) account for 50% of total LAO Rxs

(WoltersKluwer

Health, May2008)

Exalgo™

–

Significant Product Opportunity

Extended

release

Hydromorphone

(Dilaudid)

Exalgo

™

Targeted indication:

Moderate-to-severe       

chronic pain

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Dissociated steroid with immuno-inflammatory benefits

of glucocorticoids

without associated side effects

•

Potential NSAID/COXIB replacement in OA

•

Replacement of, or add-on to, some NSAIDS, steroids and

DMARDs

in RA.

•

Utility of approach published in AR&T

Efficacy observed in multiple Phase 2 studies

•

Knee OA

-19.5 mm WOMAC benefit vs. placebo and 8 mm

vs. prednisolone

•

Hand OA

-

SS AUSCAN pain improvement vs. placebo;

hand pain benefit 45% vs. 23% placebo, 26% prednisolone

•

RA -

SS ACR 20 of 63%

compared to 28% placebo

•

Safe and well-tolerated -

no glucocorticoid-related AE’s

Aligned release formulation provides oral/once-daily

Next Steps:

•

Complete 1-year safety extension trial

Multiple Clinically Validated Product Assets

Dipyridamole

MR

Prednisolone

DR

Prednisolone

IR

Synavive™

Targeted indications

include:

•

Osteoarthritis

•

Rheumatoid Arthritis

•

Glucocorticoid-

Responsive Diseases

8

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Novel anti-diabetic agent for poorly controlled diabetes

patients with elevated triglycerides and low HD

•

Reduce hyperglycemia without weight gain

•

Lower elevated triglycerides (TG)

•

Elevate high-density lipoprotein cholesterol (HDL)

Efficacy Observed in Type 2 Diabetes Phase 2a Trial

•

Statistically significant on primary endpoint of FPG

•

Positive trend on multiple secondary endpoints (glucose

control, HbA1c, HOMA-IR, CRP, etc.)

•

Safe and well-tolerated

Bezafibrate

marketed in EU, Canada, etc. –

NCE in U.S.

COM and MOU patent

applications with coverage to 2025

Next Steps:

•

Develop proprietary fixed-dose formulation

Multiple Clinically Validated Product Assets

Bezafibrate

SR

Diflunisal

IR

Target indications include:

Metabolic Syndromes

Current Stage:

Clinical

*proposed bi-layered formulation

in development

*

CRx-401

9

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Fovea Collaboration Initiated in 2006

•

$30M in future milestones plus royalties on sales

•

All development fully funded by Fovea

Potentially First Combo Therapy for Persistent Allergic

Conjunctivitis

•

Targeting efficacy of potent steroid with improved safety

profile

•

Concept discovered and patented by CRXX

•

Positive POC results in persistent allergic conjunctivitis

•

Currently in Phase 2 clinical development

Next Steps:

•

Fovea to complete Phase 2

Multiple Clinically Validated Product Assets

Prednisolone Acetate

Cyclosporin A

Target indications include:

Persistent Allergic

conjunctivitis

Current Stage:

Clinical

*pimage is representative of

delivery method

Prednisporin™

*

10

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Unique Discovery Capabilities

Systems

biology

approach

•

Novartis collaboration

•

Product opportunities and milestones

•

B-cell

malignancy

program

•

Calcium Channel Inhibitors

•

N,T and N/T types

Validated Drug Discovery Technology

11

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

CRXX-Novartis Oncology Collaboration (May ‘09)

Discovery of novel anti-cancer

combinations

•

$4m upfront; 2 yr research funding

•

Up to $58m milestones per

combination

•

Non-exclusive

Major effort in scale and potential

translation to clinic

•

Uniquely enabled by CRXX discovery

and informatics capabilities

•

Broad spectrum of cell lines/cancers

•

Robust compound library including

standards of care

Valuable outputs for both partners

•

New development opportunities for

NVS marketed and clinical compounds

•

New development opportunities for

CRXX

•

New biology and intellectual property

Systematic discovery of

pathways and targets

conferring selectivity and

enabling patient stratification

Oncology pipeline

Compound library

cHTS/Chalice

Compound library

Enable exploration of important

differences in response by cancer type,

including genotype and other mutational

differences

12

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

B Cell Malignancy Program: Novel MOA’s

Identification of novel, anti-cancer targets in Multiple Myeloma and

other B Cell malignancies

Synergy observed with Multiple Myeloma Standard of Care drugs

(Dexamethasone, Lenalidomide, Melphalan, Bortezomib

and Doxorubicin)

May be compelling add-on to current drug regimens

b2AR agonists increase the potency and

efficacy of Dexamethasone

b2AR

and

Dexamethasone

Combination

Activity in Velcade, Revlimid, Dex

and

transplant resistant patient tumor cells

A2A and b2AR Agonists Trigger Synergistic Induction of Tumor Cell Death

13

Efficacy boost

Potency shift

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

©

Copyright Neuromed

ION Calcium Channel Blocker

N-type

NERVOUS SYSTEM

chronic inflammatory pain

chronic neuropathic pain

anxiety

ischemia

traumatic brain injury

addiction

T-type

NERVOUS SYSTEM, HEART,

VASCULAR

acute and chronic pain

epilepsy,

hypertension

cancer, sleep disorders

L-type

HEART, VASCULAR

hypertension

arrythmias

angina

Proposed indications:

•acute or chronic pain

•epilepsy

Channel

Family

Acute

Pain

Inflammatory

Pain

Neuropathic

Pain

N-type

Ca

v

2.2

NO

YES

YES

T-type

Ca

v

3.1

Ca

v

3.2

Ca

v

3.3

YES

YES

YES

14

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Management team with proven research/development track record

•

CEO: Christopher Gallen, M.D., Ph.D.

•

Scripps, Quintiles, PRWW, Pharmacia, Wyeth

•

Key

participant

–

Aricept,

Provigil,

Periostat,

Xyrem,

Xanax

XR,

Exalgo

•

EVP & COO: Robert Forrester, LLB

•

Coley, MeesPierson

(Fortis Group), BZW, UBS, Clifford Chance

•

SVP, CFO: Justin Renz

•

Serono, Coley, ArQule

•

SVP, Chief Development Officer: Gene Wright, Ph.D.,

•

Pharm.D, S-P-

Pharmacia, Biovail, Schering Plough

•

SVP, CSO: Terrance  P. Snutch, Ph.D.

•

University of British Columbia, Founder of Neuromed

•

SVP, General Counsel: Jason Cole, J.D.

•

Ropes & Gray

Experienced Leadership Team

15

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Experienced Leadership Team

16

Proposed Board of Directors

•

Frank Haydu, Chairman

•

Mark

Corrigan,

MD,

EVP,

R&D,

Sepracor

Inc.

•

Sally W. Crawford, former COO of Healthsource

•

Todd Foley, Managing Director, MPM Capital Ltd;

•

William L. Hunter, MD, MSc, Chairman, President & CEO, Angiotech

Pharmaceuticals Inc.

•

Michael G. Kauffman, MD, Ph.D., CMO, Proteolix

•

W. James O’Shea, former COO, Sepracor, Inc.

•

Hartley T. Richardson, President & CEO, James Richardson & Sons

•

Christopher C. Gallen, MD, PhD, President & CEO

•

Robert Forrester, EVP and COO

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Operations

Merger completion

Focused operating plan

Products

Exalgo

partnership

Exalgo

approval/launch

Exalgo

revenue stream

Pipeline

Synavive

12 month OA safety data

Retooled pipeline priorities

Clinical initiations and data points

Publications

Potential Near-term Value-Creating Events

17

™

™

™

™

©

2009 CombinatoRx, Incorporated. All rights reserved.

CONFIDENTIAL

Important

Additional

Information

Will

be

Filed

with

the

SEC

This

presentation

does

not

constitute

an

offer

of

any

securities

for

sale.

In

connection

with the merger, CombinatoRx

intends to file with the SEC a registration statement on

Form

S-4,

which

will

include

a

proxy

statement/prospectus

of

CombinatoRx

and

Neuromed

and other relevant materials in connection with the proposed transactions. 

Investors and security holders of CombinatoRx

are urged to read the proxy

statement/prospectus and the other relevant material when they become available

because

they

will

contain

important

information

about

CombinatoRx,

Neuromed

and

the proposed transaction.  The proxy statement/prospectus and other relevant

materials (when they become available), and any and all documents filed with the

SEC, may be obtained free of charge at the SEC’s

web site at www.sec.gov.  In

addition, investors and security holders may obtain free copies of the documents filed

with the SEC by CombinatoRx

by directing a written request to CombinatoRx,

Incorporated, 245 First Street, Third Floor, Cambridge, MA 02142, Attention: Secretary. 

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY

STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS WHEN THEY

BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION

WITH RESPECT TO THE PROPOSED TRANSACTIONS.

CombinatoRx

and its respective executive officers and directors may be deemed to be

participants

in

the

solicitation

of

proxies

from

the

security

holders

of

CombinatoRx

in

connection with the merger.  Information about the executive officers and directors of

CombinatoRx

and their ownership of CombinatoRx

common stock is set forth in

Amendment

No.

1

to

the

CombinatoRx

Annual

Report

on

Form

10-K,

which

was

filed

with the SEC on April 30, 2009.  Investors and security holders may obtain additional

information

regarding

the

direct

and

indirect

interests

of

CombinatoRx,

Neuromed

and

their respective executive officers and directors in the merger by reading the proxy

statement /prospectus regarding the merger when it becomes available.

18