Building a Sustainable, Fully Integrated

Biotechnology Company

March 7, 2011

Exhibit 99.1

Forward Looking Statements

•

This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995.

•

These statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future

results expressed or implied by such forward-looking statements.

•

Such

forward-looking

statements

include

statements

regarding:

the

therapeutic

potential

of

Infinity’s

Hedgehog

pathway,

FAAH,

PI3K

and

Hsp90

chaperone inhibitors; the potential of IPI-926 in addressing chondrosarcoma , pancreatic cancer and other cancers, presentation of rationale for

development of IPI-926 in chondrosarcoma, clinical trial enrollment expectations, an investigator sponsored trial program with IPI-926,

presentation of data from Infinity’s trials of IPI-926 pancreatic cancer and chondrosarcoma and of IPI-504 in combination with docetaxel, plans for

additional Phase 2 trials of IPI-926, announcement of data and future plans for the company’s Hsp90 program, the  commencement of Phase 1

development of IPI-145, Phase 2 development of IPI-940 by Purdue; completing transition activities to enable Phase 2 development by Purdue;

the naming of a new drug development candidate, estimates of 2011 financial performance (including cash burn and year-end cash and

investments balance), and the expectation that Infinity will have capital to support its current operating plan into 2014.

•

Such forward-looking statements are subject to numerous factors, risks and uncertainties that may cause actual events or results to differ

materially

from

the

company's

current

expectations.

For

example,

there

can

be

no

guarantee

that

Infinity’s

strategic

alliance

with

Purdue/Mundipharma will continue for its expected term or that these entities will fund Infinity’s programs as agreed, or that any product candidate

Infinity is developing will successfully complete necessary preclinical and clinical development phases. Further, there can be no guarantee that

any positive developments in Infinity’s product portfolio will result in stock price appreciation. Infinity’s expectations could also be affected by risks

and uncertainties relating to: results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received

from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory

authorities, investigational review boards at clinical trial sites, and publication review bodies; Infinity's ability to enroll patients in its clinical trials;

unplanned

cash

requirements

and

expenditures,

including

in

connection

with

business

development

activities;

market

acceptance

of

any

products

Infinity or its partners may successfully develop; and, Infinity's ability to obtain, maintain and enforce patent and other intellectual property

protection for any product candidate it is developing.

•

These

and

other

risks

which

may

impact

management's

expectations

are

described

in

greater

detail

under

the

caption

"Risk

Factors"

included

in

Infinity's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 9, 2010.

•

Further, any forward-looking statements contained in this presentation speak only as of the date hereof, and Infinity expressly disclaims any

obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

•

All trademarks used in this presentation are the property of their respective owners.

•

Our Internet website is http://www.infi.com. We regularly use our website to post information regarding our business, product development

programs

and

governance.

We

encourage

investors

to

use

www.infi.com,

particularly

the

information

in

the

section

entitled

“Investors/Media,”

as

a source of information about Infinity. References to www.infi.com in this presentation are not intended to, nor shall they be deemed to,

incorporate information on www.infi.com into this presentation by reference.

2

Building a Sustainable, Fully Integrated

Biotechnology Company

3

EXPERIENCED TEAM

•

Seasoned cross-functional leadership

•

Augmented in 2010 with key hires in clinical, medical

affairs and commercial

FINANCIAL STRENGTH

•

$345M in current and committed capital

•

Strong strategic alliances

•

Infinity retains U.S. rights for oncology/inflammation

INNOVATIVE PRODUCT PORTFOLIO

•

Diverse and growing, with 4 candidates in the clinic

•

Broad commercial potential in oncology/inflammation

Advancing Pipeline with Broad

Commercial Potential

4

Hedgehog Program

A Fundamentally New Approach to

Treating a Broad Range of Cancers

5

6

IPI-926: Significant Anti-Cancer Opportunity by Inhibiting

Malignant Activation of the Hedgehog Pathway

Targeting the Tumor Cell

(ligand independent)

Targeting the Tumor Cell

(ligand dependent)

Targeting the Microenvironment

Status:

Phase 2 trial ongoing in

pancreatic cancer

Next milestone:

Presentation of Phase 1b

data in 2011

Status:

On-target activity in

Phase 1 trial in solid tumors

Next milestone:

Follow-up Phase 1 data in

basal cell carcinoma in 2011

Status:

Phase 2 trial ongoing in

chondrosarcoma

Next milestone:

Additional Phase 2 trials

planned for in 2011

Evidence of Clinical Activity in BCC Patients

7

Rudin et al. ESMO 2010

Patients with BCC Who Have Not Had Prior Treatment with a Hh Inhibitor

Evidence of Clinical Activity in BCC Patients

8

Patient A

Baseline

6 Months

Rudin et al. ESMO 2010

Evidence of Clinical Activity in BCC Patients

9

Patient B

Baseline

4 Months

Rudin et al. ESMO 2010

Targeting the Tumor Cell:

Phase 1 Objectives Achieved

Well tolerated

–

Majority of related adverse events were Grade 1 or 2

–

Primary related adverse events: Grade 1 and 2 fatigue and nausea

–

No Grade 4 or 5 related adverse events observed

Pharmacokinetic profile supports once daily dosing

Evidence of on target clinical activity observed in BCC patients

10

Targeting the Tumor Microenvironment:

Pancreatic Cancer

•

Devastating disease

–

4

th

leading cause of cancer death in the U.S.

–

Estimated 43,000 new cases annually

•

Lowest survival rate of all major cancers

–

Average survival is < 6 months

–

5-year survival < 5%

•

Highly resistant to treatment with many drugs

•

Historically considered an “undruggable”

tumor

–

Gemcitabine approved with median survival of 5.7 months

11

Tumor with Circulating

Contrast Agent

MRI Tumor Image

Dense Pancreatic Tumor Microenvironment

Limits Perfusion

12

Tumor

Contrast Agent

MRI images of transgenic mouse model of pancreatic cancer.

Tumor

IPI-926 Enhances Delivery of Gemcitabine

to Tumor

13

Vehicle

Gemcitabine alone

IPI-926 +

gemcitabine

Current standard of care

in pancreatic cancer

Tumor cell nuclei

Fluorescent contrast agent

Strong Preclinical Rationale for IPI-926

in Pancreatic Cancer

14

IPI-926 + gemcitabine doubles median survival

in pancreatic cancer model

Phase 2 Trial of IPI-926 in Pancreatic

Cancer Ongoing

15

•

Phase 1b:  Determine safety profile and MTD

•

Phase 2:  Evaluate safety and efficacy

–

Primary endpoint is overall survival; secondary endpoints include

progression free survival, time to progression, overall response

rate

–

Rigorous design to mitigate Phase 3 risk

Dose

Escalation

MTD

1:1

Randomization

IPI-926 (QD) + gemcitabine

(n = 60)

Placebo + gemcitabine

(n = 60)

Phase 1b

Phase 2

Targeting the Tumor:

Major Unmet Medical Need in Chondrosarcoma

•

Rare, life-threatening bone cancer with limited treatment options

–

Highly resistant to chemotherapy and radiotherapy

–

Therapeutic standard is surgery

–

No effective treatments and no established standard of care for

patients with metastatic or locally advanced, inoperable disease

•

Strong rationale for IPI-926 in chondrosarcoma

–

Preclinical rationale to be presented during an AACR symposium

•

Granted orphan drug designation by FDA in this indication

16

2:1

Randomizatio

n

Rigorous Phase 2 Trial of IPI-926 in

Chondrosarcoma Underway

•

Randomized, double blind, placebo controlled study in patients with

metastatic or locally advanced, inoperable chondrosarcoma

•

Primary endpoint is progression free survival

•

Secondary endpoints include time to progression, overall survival,

overall response rate and response duration

~100

Patients

IPI-926 (QD)

Placebo

Progression -

crossover to IPI-926

IPI-926: Summary

•

Strong preclinical rationale for all three settings of malignant

pathway activation

•

On-target activity demonstrated in basal cell carcinoma

–

Plans to present follow-on data

•

Phase 2 trial in pancreatic cancer advancing

–

Plans to present Phase 1b data

•

Phase 2 trial in chondrosarcoma advancing

–

Plans to present preclinical data at AACR

•

Additional Phase 2 studies planned for 2011

18

Additional Pipeline Opportunities

19

Hsp90 Program Overview

•

IPI-504 well-tolerated in multiple

studies at biologically active doses

–

Phase 2 mBC with Herceptin

®

–

Phase 2 study NSCLC

–

Phase 1b solid tumor with

docetaxel

•

Two NSCLC studies ongoing

–

Phase 1b study with docetaxel

–

Validation in NSCLC patients with

ALK rearrangements (IST)

•

IPI-493 in two Phase 1 dose

escalation studies

•

Data and future plans anticipated

in 2011

20

Sequist et al., Journal of Clinical Oncology, 2010.

IPI-145:

Selectively Inhibiting PI3K Delta and Gamma

21

•

Oral, dual-specific inhibitor of PI3K

delta

and gamma

–

PI3K plays a key role in cell proliferation

and survival, differentiation, trafficking

and immunity

–

Delta and gamma isoforms are strongly

implicated in broad range of inflammatory

conditions and hematologic cancers

•

IPI-145 has demonstrated activity in

several preclinical models of

inflammation

•

Phase 1 development expected

to begin in H2’11

•

Novel, oral agent designed to potentiate

the body’s natural pain relief

•

Encouraging preliminary data from

Phase 1 trial

–

Marked FAAH inhibition and increased

anandamide levels

–

No observed dose-limiting toxicities

•

Purdue and Mundipharma exercised rights for

worldwide development and commercialization

–

Expected to begin Phase 2 development in pain in 2011

IPI-940:  Leveraging Scientific Insights

Beyond Oncology

22

Strategic Alliances Provide Funding and

Access to Global Markets

23

Hedgehog, PI3K and early discovery

•

R&D funding from Mundipharma

•

INFI to develop and register product candidates globally

•

INFI to commercialize products in the U.S.

•

Mundipharma to commercialize products ex-U.S.

FAAH

•

Transferred to Purdue and Mundipharma following

successful Phase 1 in 2010

•

Purdue and Mundipharma responsible for

development and global commercialization

Financial Strength to Drive Value Creation

24

$195 M

Committed R&D Funding

for 2011-12

$50 M

Line of Credit¹

(Balloon note at prime, matures 2019)

Cash and Investments

(as of 12/31/10, unaudited)

Current and Committed Capital

$345 Million

1

Line of credit may be drawn for any corporate purpose.

2011 Financial Guidance

Cash Runway into 2014

•

Projected 2011 cash burn of $30M -

$40M

•

Anticipate year-end cash and investments balance of

$60M -

$70M

–

Based on current operating plan; excludes $50M line of credit from Purdue

•

Approximately 26.5 million shares outstanding

25

Pipeline Advancements in 2011

Hedgehog (IPI-926)

Begin Phase 2 portion of pancreatic cancer study

Present Phase 1b data in pancreatic cancer

Begin additional Phase 2 studies

Initiate investigator sponsored trial program

Hsp90 (IPI-504 and IPI-493)

Present Phase 1 data of IPI-504 in combination with docetaxel

Announce future plans for Hsp90 program

PI3K (IPI-145)

Begin Phase 1 study in H2

FAAH (IPI-940)

Complete transition activities to Purdue to enable Phase 2 studies in pain

Discovery

Name a new development candidate

26

Achieving Our Mission:

Sustainable, Fully Integrated Biotech

EXPERIENCED TEAM

FINANCIAL STRENGTH

INNOVATIVE PRODUCT PORTFOLIO

Building a Sustainable, Fully Integrated

Biotechnology Company

January 2011