Purdue and Mundipharma assume worldwide development for Infinity's fatty acid amide hydrolase program

Encouraging Topline Data From Phase 1 Study of IPI-940 Reported

Decision Demonstrates Strength of Alliance and Underscores Complementary Capabilities of the Partners

Infinity Pharmaceuticals, Inc. (Nasdaq:INFI) today announced that Purdue Pharmaceutical Products L.P. and its independent associated company, Mundipharma International Corporation Ltd., have exercised their right to assume worldwide development and commercialization activities for Infinity's fatty acid amide hydrolase, or FAAH, program. The decision reflects progress made in the development of Infinity's oral FAAH inhibitor, IPI-940. Data from the Phase 1 single-dose study showed IPI-940 demonstrated favorable pharmacokinetics and was generally well tolerated in healthy volunteers. Purdue is planning to initiate Phase 2 studies of IPI-940 in 2011.

The enzyme FAAH degrades anandamide, an endogenous cannabinoid that mediates the body's own powerful analgesic and anti-inflammatory responses. IPI-940 blocks the action of FAAH, thereby increasing the therapeutic action of anandamide. As a novel inhibitor of FAAH, IPI-940 has potential application for the treatment of a broad range of painful conditions and inflammatory diseases.

"Purdue is a world leader in the development and commercialization of therapeutics for the treatment of pain, and we are pleased that they will be advancing IPI-940 through later-stage clinical development and into the marketplace," stated Adelene Q. Perkins, president and chief executive officer of Infinity. "Purdue has been a wonderful partner. Working together, we will continue to leverage our complementary capabilities to bring important medicines to patients in pain and inflammatory diseases."

"FAAH is a promising therapeutic target for a wide variety of pain and inflammatory conditions, and we look forward to advancing IPI-940 into Phase 2 clinical development," stated John H. Stewart, President and CEO of Purdue. "This program fits well within our comprehensive analgesic plan and is a valuable addition to our expanding drug pipeline."