Inotek Pharmaceuticals Announces the Acquisition of GMP Manufacturing Facility in Israel

BEVERLY, Mass., January 5, 2005 — Inotek Pharmaceuticals Corporation announcedtoday that it has acquired a 30,000 square foot GMP manufacturing facility in Dimona,Israel. The manufacturing plant will provide Inotek with the ability to manufacture drugsfor many of the Company’s ongoing Phase I and Phase II clinical trials, produce pilotscale quantities of drug for Inotek’s ongoing research and development programs, andprovide commercial quantities for approved drugs targeting orphan drug indications.In conjunction with the acquisition, Inotek has hired David Blum as Director ofManufacturing. Mr. Blum was most recently Director and QA Manager at D-PharmInnovative Biopharmaceuticals. He has also worked in manufacturing and qualityassurance management positions for CTS Chemical Industries Ltd., Taro PharmaceuticalIndustries Ltd., and Teva Pharmaceutical Industries Ltd. Mr. Blum will be responsible forworldwide manufacturing for Inotek and will be based in Dimona, Israel.Inotek’s acquisition of the Dimona facility in Israel’s Negev region represents thecompany’s second investment in Israel. In 2003, Inotek opened up a clinical operationscenter in central Israel for the global management of Inotek’s ongoing human clinicaltrials. The importance of Inotek’s expected contribution to the future of the Negeveconomy is illustrated by the active assistance in the purchase by Ehud Olmert, DeputyPrime Minister of the State of Israel and Secretary of the Ministry of Trade, and MeirCohen, Mayor of Dimona. Mr. Olmert noted that “Israel looks with great enthusiasm toInotek’s contribution to the future growth and development of the economy in the Negevregion.”

About Inotek Pharmaceuticals

Inotek Pharmaceuticals Corporation is a private, high-growth, development-stagepharmaceutical company that has leveraged its small molecule chemistry expertise todiscover and develop a deep pipeline of therapeutics targeting cell death, DNA repair andinflammatory pathways. Inotek’s lead program is focused on blocking the nuclear DNArepair enzyme poly (ADP- ribose) polymerase (or PARP) that has broad application in avariety of unmet medical needs. The Company is pursuing indications in hospital-basedcritical care markets as well as certain specialty care markets.

Contact:

Jeffrey T. Walsh
Vice President, Corporate Development and Commercial Planning
Inotek Pharmaceuticals Corporation
(978) 232-9660 x388