November 2016 Corporate Presentation Forward Looking Statements This presentation contains forward-looking statements that are based on our management s belief and assumptions and on information currently available to ou

November 2016 Corporate Presentation

Forward Looking Statements

contains forward-looking statements that are based on our management s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are

reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be

materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as may, might, could, would, will,

should, expect, intend, plan, anticipate, believe, estimate, predict, project, target, potential,

continue or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties

and other factors, which are, in some cases, beyond our control and which could materially affect results. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may

vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to

change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these

forward-looking statements as representing our views as of any date subsequent to the date of this presentation.

All trademarks and registered trademarks are the property of their respective owners.

Trabodenoson is an investigational compound and is not yet approved by the FDA for any indication.

Inotek: Transforming Glaucoma Treatment

Monotherapy showed no Phase 2 Monotherapy showed clear First Phase 3 Monotherapy, dose related side effects (ocular or dose response, good ocular and MATrX-1, tests QD and BID systemic) at greater than Phase 3

systemic safety, ability to dose QD or doses against placebo. Results doses BID, additive efficacy to prostaglandins to be announced early Jan. 2017

First fixed-dose combination trial initiated in 2016 | Adenosine A1 activation is neuroprotective in the retina and brain.2-4

1Schwartz GF & Quigley HA, Survey of Ophthalmology 2008;53:

S57-S58 2Gomes et al. 2011, 3Zhong et al. 2013, 4Cunha 2005

Leadership with History Together

$2 Billion U.S. Glaucoma Market

Effective QD treatment with minimal side effects

IOP Elevation Drives Treatment

Normalized Intraocular Pressure (IOP)

-Administration ed-Dose

Market Opportunity as First or Second Line

Line: IOP Lowering; Safety/Tolerability = Compliance

Second Line: Additive efficacy to latanoprost; Minimal

added side effects, QD dosing

Trabecular Meshwork:

The Natural Mechanism for

Trabodenoson s Novel Mechanism*

to A1 receptors on Trabecular Meshwork

digesting extracellular matrix proteins that clog the TM

Research supporting trabodenoson s MOA

presented at the 2016 American Glaucoma Society

*Increased secretion of MMPs contributes to

trabodenoson-induced changes in conventional outflow facility;

DS Albers, CE Crosson, JS Myers, CC Rich, R

Baumgartner, and WK McVicar; American Glaucoma Society Annual Meeting, March 2016, Poster #: PO047

From Adenosine to Trabodenoson

Trabodenoson is an adenosine mimetic optimized to selectively target the A1 receptor

Compound A1 (Ki, nM) A2a (Ki, nM) A3 (Ki, nM)

Trabodenoson 0.97 4,690 704

Phase 1: Good Safety Profile and Tolerable

xicity; no dose-stemic side effects; osure at high doses

No Clinically Significant Safety Signals in Trials to Date

Phase 1 Comprehensive Safety Assessments included:

Continuous cardiac monitor

Orthostatic BP and heart rate

Blood cardiac troponin I

Blood pharmacokinetic sampling

Urine pharmacokinetic sampling

Karolinska sleepiness scale

Physical examinations

Clinical laboratory assessments

Slit lamp exam/hyperemia

Best-corrected visual acuity

Intraocular pressure

Phase 2: IOP Statistically Lowered at All Timepoints on Day 28

Mean IOP for the trabodenoson 500 mcg and placebo groups pre- randomization

(Day -1) and after post-randomization (Days 14, 28, and 29).

Phase 2 Dose Ranging Trial: Hyperemia Score Graded (0-3)

MATrX-1 Phase 3 Trial Design

Identical population to Phase 2

~ 300 patients treated for 12 weeks

ClinicalTrials.gov Identifier: NCT02565173

Three trabodenoson doses

Statistical comparator

Not part of statistical

Timolol Trial Experience Range of Results

Timolol versus Betaxolol14

Timolol versus Epinephrine15

Timolol versus Dorzolamide16

Timolol versus Latanoprost17

Timolol versus Latanoprost18

Timolol versus Travoprost19

Timolol versus Bimatoprost20

Timolol versus Combigan21

Timolol versus Xalacom22

Timolol versus Latanoprostene

Timolol versus Latanoprostene

13. Zimmerman et al. Arch Ophthalmol 1979; 14. Stewart et al. Arch Ophthalmol 1986; 15. Alexander et al. Ophthalmology 1988; 16. Strahlman et al. Arch Ophthalmol 1995; 17. Alm et al.

Ophthalmology 1995; 18. Watson et al. Ophthalmology 1996; 19. Netland et al. Am J Ophthalmol 2001; 20.

Sherwood et al. Survey of ophthalmology 2001; 21. Craven et al. J Ocul Pharmacol Ther 2005;

et al. Arch Ophthalmol 2010; 23. Weinreb et al. Ophthalmology 2016; 24. Medeiros et al. Am J Ophthalmol 2016.

Clinical efficacy in practice is

lower than in clinical trials2

Trinity Survey of 100 Ophthalmologists Median IOP lowering of 4.5

mmHg (range 3.0 to 6.0 mmHg)

IMS Data shows monotherapy use is low and continues to decline.3

Real safety risks with timolol4

Serious events, including death, have been reported even in patients with

While somewhat variable, timolol has generally

demonstrated IOP drift over time (tachyphylaxis) 7-12

data of people requiring second agent (LASER trial)

Timolol dosing disadvantages: BID, loss of efficacy