BEVERLY, MA
August 30, 2005

Inotek Pharmaceuticals Corporation announced today that it has raised $25 million in the first tranche of a planned $35 million Series B Preferred Stock financing. The round was led by Pitango Venture Capital, Israel's largest venture capital firm with over $1 billion in committed capital. The Company's existing investors, Care Capital LLC, Rho Ventures and MedImmune Ventures, Inc., also participated in the round. In connection with this financing, Dr. Nissim Darvish, Partner of Pitango Venture Capital, has agreed to join the company's Board of Directors. The Company expects to close the second tranche of the Series B round by the end of the year.

"I am very pleased by the level of interest that we received from both new and existing investors in this round," said Andrew Salzman, M.D., Inotek's President & CEO. "Dr. Darvish will be a great addition to our Board of Directors. Most importantly, these resources will enable us to fund the further development of our growing pipeline of products, including our four products in Phase 1 and Phase 2 clinical development as well as our three pre-clinical candidates."

About Inotek Pharmaceuticals Corporation
Inotek Pharmaceuticals Corporation is a private, high-growth, development-stage pharmaceutical company. Inotek has seven products in pre-clinical or clinical development targeting oncology, cardiovascular, and inflammatory diseases. All of the Company's technologies were discovered and developed by Inotek researchers. The Company currently has more than 120 employees, based in its headquarters and main laboratories in Beverly, Massachusetts and its clinical operations and GMP manufacturing facilities in Israel.

The Company's lead product, a potent inhibitor of the nuclear enzyme poly(ADP-ribose) polymerase or PARP, has entered two Phase 2a trials in acute cardiovascular indications as well as two Phase 1b trials in oncology. Inotek's three other clinical stage products, now in Phase 1, include 1) a highly selective adenosine 1 agonist targeting atrial fibrillation, 2) a novel and potent inhibitor of xanthine oxidase intended for treatment of congestive heart failure, and 3) an inosine analogue with significant anti-inflammatory properties that is being developed for ulcerative colitis. Additionally, Inotek has three other programs in pre-clinical development, each of which is planned to advance to Phase 1 clinical trials in 2006 for the treatment of other inflammatory and oncology indications.

Since the firm was founded in 1996, Inotek has focused on the discovery and development of small-molecule therapeutics that target mechanisms of cell necrosis, DNA repair, tissue injury, and inflammatory disease. The Company's teams of molecular biologists, chemists, and pharmacologists have discovered thousands of potent small-molecule compounds that act on various critical targets associated with cell death, inflammation, and DNA repair. Inotek's clinical candidates target superoxide anion, peroxynitrite, hydrogen peroxide, poly (ADP-ribose) polymerase (PARP), adenosine receptors (A1 and A3), xanthine oxidase, and others.

About Pitango Ventures
Pitango Venture Capital (www.pitango.com) is Israel's largest venture capital firm and a lead investor in seed, early, and expansion stage companies. Pitango has helped grow over 100 companies, managing funds in excess of $1 billion in committed capital.

About Care Capital LLC
Care Capital LLC (www.carecapital.com) is an investment firm focusing on opportunities in life sciences, particularly companies developing pharmaceuticals.

About Rho Ventures
Rho Ventures (www.rho.com) is a venture capital firm with extensive investments in the healthcare, information technology, and communication sectors. Since its founding in 1981, the firm has invested in numerous companies including Active Power, Capstone Turbine, Ciena, Commerce One, Compaq Computer, and Copper Mountain. Investments in the life sciences sector include Dendreon, Diversa, Dyax, Human Genome Sciences, Leukosite, MedImmune, NitroMed, Tercica, and Vicurion. Aggregate venture capital under management exceeds $1 billion.

About MedImmune Ventures, Inc.
MedImmune Ventures, Inc. (www.medimmune.com/ventures) is a wholly-owned venture capital subsidiary of MedImmune, Inc., a leading biotechnology company. MedImmune Ventures seeks to discover and invest in companies and organizations developing therapeutic products or technologies with significant potential to improve the treatment or prevention of human disease.

Contact:
Jeffrey T. Walsh
Chief Business Officer
Inotek Pharmaceuticals Corporation
(978) 232-9660 x2388

This news release contains forward-looking statements. Such statements are subject to certain factors which may cause Inotek's plans to differ or results to vary from those expected, including the results of pre-clinical or clinical studies (including termination or delay in clinical programs or inability to move forward to the next Phase of clinical development), the need for additional research and testing, delays in developing or arranging satisfactory manufacturing capability, inability to access capital and funding on a timely basis and on favorable terms, delays in development of or adverse changes in status of commercial relationships, the possibility that favorable results of earlier clinical trials are not predictive of safety and efficacy results in later clinical trials, dependence on strategic partners for performance of development and commercial matters, the risk that third parties won't agree to license us on reasonable terms their intellectual property necessary for us to develop and commercialize our products, and a variety of other risks.
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