INO Therapeutics is now

INO Therapeutics is now

The materials contained herein are a description of our business. They do not purport to be all inclusive or contain all information that you desire. This document includes or may include certain statements, estimates, and forward-looking projections with respect to our anticipated future performance. Such statements, estimates, and forward-looking projections reflect various assumptions of our management that may or may not prove to be correct and involve various risks and uncertainties.

INO Therapeutics Is Now Ikaria Unique, new, fully-integrated biopharmaceutical company Focused on leadership in Critical Care Leading product: INOmax (nitric oxide) for inhalation Significant capabilities with a strong product pipeline Continuing commitment to the highest level of customer service that you have come to expect

The Perfect Blending of Two Research-Based Organizations INO Therapeutics The 1998 Nobel Peace Prize in Physiology or Medicine was awarded jointly to Robert Furchgott, Louis Ignarro, and Ferid Murad for their work with the nitric oxide molecule, which was determined to transmit biological signals through membranes and regulate the function of other cells in the body. INO Therapeutics was formed around the commercialization of this discovery, leading in December 1999 to the United States approval of INOmax (nitric oxide) for inhalation, and the January 2000 approval of the INOvent. In May 2000, INO Therapeutics was granted the National Organization for Rare Disorders (NORD) Award in recognition of its work in bringing an important new therapy to the market.

Ikaria During this same time, Dr. Mark Roth was working in his laboratory at the Fred Hutchinson Cancer Research Center in Seattle, Washington in the area of metabolic control, or hibernation on demand. This technology could be critical for patients undergoing surgery or experiencing certain acute medical conditions. The results from this groundbreaking research were published in 2005 in the journal Science. Ikaria was founded in order to develop practical applications for these important findings. In March 2007, INO Therapeutics and Ikaria were joined into a fully-integrated specialty biopharmaceutical company dedicated to the commercial application of ongoing research in the advancement of critical care medicine.

Ikaria A Dedicated National Network Preclinical Headquarters Seattle, WA 1616 Eastlake Ave. East Suite 340 Tel: 206-436-5000 Fax: 206-436-5001 Ikaria research, development, and distribution facilities are located around the United States, and form a network of people and resources dedicated to leadership in critical care medicine. Together we are providing health care professionals and their patients with state-of-the-art therapies and devices, now and for years to come. 24/7 Coverage Our range of customer services includes technical and logistical support that is available 24 hours a day, 7 days a week. This strong personal commitment to customers is central to our role as a leading provider of critical care. Covox DS INOpulse

Device Headquarters Madison, WI 2820 Walton Commons West Suite 100 Tel: 608-395-3900 Fax: 608-395-3905 INOmax DS Corporate Headquarters Clinton, NJ 6 Route 173 Tel: 908-238-6600 Fax: 908-238-6633 INOmax and INOvent Manufacturing Headquarters Port Allen, LA 1060 Allendale Drive Tel: 225-376-4398 Fax: 225-376-4493 INOmax

Ikaria, Where the Future Is Now Ikaria scientists are working aggressively to identify, research, and develop exciting new therapies in areas essential to critical care medicine. A wide range of critical care opportunities is currently being explored, including Anti-infectives Surfactants Antihypertensives Stroke medications Therapeutics for sepsis and concomitant illnesses Transplantation drugs Pro-drugs and drug donor compounds In addition, device development is also a priority, including pulmonary drug delivery systems. At Ikaria, our goal is to identify the most significant unmet areas of need in critical care medicine, and develop best in class solutions.

Development Outlook: Selected Milestones PPHN Preclinical Phase I Phase II Phase III FDA Approval Bronchopulmonary Dysplasia LVAD Sickle Cell Disease AMI Reperfusion Injury AMI Early Stage Research Projects INOmax (nitric oxide) for inhalation Covox (carbon monoxide) for inhalation IK1001 (sodium sulfide) for injection Other preclinical compounds

Ikaria Our Reach Is Growing In a very short period of time, Ikaria is creating a worldwide research, manufacturing, and distribution network designed to create an enterprise with global reach and support that will be well positioned to lead the way in critical care medicine for years to come.

INOmax (nitric oxide) for inhalation is available in the following countries: North America Canada United States Latin America Argentina Chile Colombia (as INOflo) Uruguay South East Asia/South Pacific Australia Singapore Marketing Applications Submitted in the Following Countries Japan Mexico European Union Austria Belgium Czech Republic Denmark Finland France Germany Hungary Iceland Ireland Italy Netherlands Norway Poland Portugal Spain Sweden Switzerland United Kingdom

www.ikaria.com 6 Route 173 Clinton, NJ 08809 Tel. 908-238-6600 2008 Ikaria IMK111-00836 2/2008