Revised Investor Presentation

ITHAKA ACQUISITION CORP. (“ITHAKA”) INTENDS TO HOLD PRESENTATIONS FOR CERTAIN OF ITS

STOCKHOLDERS, AS WELL AS OTHER PERSONS WHO MIGHT BE INTERESTED IN PURCHASING ITHAKA

SECURITIES, REGARDING ITS MERGER WITH ALSIUS CORPORATION (“ALSIUS”), AS DESCRIBED IN THIS

REPORT. THIS CURRENT REPORT ON FORM 8-K, INCLUDING SOME OR ALL OF THE EXHIBITS HERETO, WILL BE

DISTRIBUTED TO PARTICIPANTS AT SUCH PRESENTATIONS.

EARLYBIRDCAPITAL, INC. (“EBC”), THE MANAGING UNDERWRITER OF ITHAKA’S INITIAL PUBLIC OFFERING

(“IPO”) CONSUMMATED IN AUGUST 2005, IS ASSISTING ITHAKA IN THESE EFFORTS WITHOUT CHARGE, OTHER

THAN THE REIMBURSEMENT OF ITS OUT-OF-POCKET EXPENSES. ITHAKA AND ITS DIRECTORS AND

EXECUTIVE OFFICERS AND EBC MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICIATION OF PROXIES FOR

THE SPECAL MEETING OF ITHAKA STOCKHOLDERS TO BE HELD TO APPROVE THE MERGER.

STOCKHOLDERS OF ITHAKA AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE,

ITHAKA’S PRELIMINARY PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT IN CONNECTION WITH

ITHAKA’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING BECAUSE THESE PROXY STATEMENTS WILL

CONTAIN IMPORTANT INFORMATION. SUCH PERSONS CAN ALSO READ ITHAKA’S FINAL PROSPECTUS, DATED

AUGUST 17, 2005, FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF THE ITHAKA OFFICERS AND

DIRECTORS AND OF EBC AND THEIR RESPECTIVE INTERESTS IN THE SUCCESSFUL CONSUMMATION OF THIS

BUSINESS COMBINATION. THE DEFINITIVE PROXY STATEMENT WILL BE MAILED TO STOCKHOLDERS AS OF A

RECORD DATE TO BE ESTABLISHED FOR VOTING ON THE MERGER. STOCKHOLDERS WILL ALSO BE ABLE TO

OBTAIN

COPY

THE

DEFINITIVE

PROXY

STATEMENT,

WITHOUT

CHARGE,

DIRECTING

REQUEST

TO:

ITHAKA ACQUISITION CORP., 100 SOUTH POINTE DRIVE, 23RD FLOOR, MIAMI, FLORIDA 33139. THE

PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT, ONCE AVAILABLE, CAN ALSO BE

OBTAINED, WITHOUT CHARGE, AT THE SECURITIES AND EXCHANGE COMMISSION’S INTERNET SITE

(http://www.sec.gov).

Cautionary Statements

This presentation and accompanying oral remarks contain certain

forward-looking statements that involve a number of risks and

uncertainties. Words such as “expects”, “intends”, “anticipates”,

“plans”, “believes”, “seeks”, “estimates”, or variations of such words

and similar expressions, are intended to identify forward-looking

statements. Investors are cautioned that actual events or results may

differ from the Company’s expectations. In addition to the matters

described above, the ability of the Company to develop its products,

obtain and maintain clearances from the FDA or other regulatory

agencies, overall economic conditions, general market conditions,

foreign currency exchange rate fluctuations, competition and risk factors

listed from time to time in the Company’s SEC filings, may affect the

actual results achieved by the Company. As used herein, the “Company”

means the combined entities Ithaka Acquisition Corp. and Alsius

Corporation, following the intended acquisition of Alsius by Ithaka.

This presentation supersedes any prior investor presentation regarding Alsius

Forward -

Looking Statements

Large target markets with significant growth opportunities

–

Current market opportunity $960 million worldwide for cleared indications

–

Evolving $2.85 billion total addressable market worldwide for therapeutic cooling, warming and normal

temperature maintenance (including Stroke and AMI), based on intended future clearances and indications

Worldwide market leader in intravascular temperature management

–

Over 10,000 patients treated and CoolGard systems installed at over 200 hospitals

–

Alsius’s

intravascular approach viewed by critical care leaders as better medicine for patients and care providers

Recurring revenue business model featuring disposable driven products

–

Targeting repeat sales of single-use, disposable catheters (also functions as central venous catheter)

Experienced management team

–

Over 90 years of aggregate experience developing and selling innovative med-tech products

Merger with Ithaka aimed at providing the financial resources to

capitalize on

Alsius’s

first-mover status

Investment Highlights

Toshiba America Medical

Systems

Suzanne C. Winter

VP, Worldwide Sales and Marketing

Medtronic

Boston Scientific

Irvine Biomedical, Cardiac

Science

Neuro Navigational,

American Hospital Supply

Prior Experience

H. Michael Ameli

VP, Manufacturing

Kenneth A. Collins, M.B.B.S.

EVP, Regulatory, Clinical, Quality and R&D

Brett Scott

CFO

William J. Worthen

President, CEO and Chairman of the Board

Device Experience

Executive

Experienced Management and Premier Investors

Transaction Overview

Earn-Out Program

Transaction

8mm Up-front shares

6mm potential Milestone shares

Assumption of $8 mm debt

Management Incentive Program

–

$5mm ($3mm Up-front & $2mm Earn-Out)

6mm potential Milestone shares

–

2007 Revenues $14.8mm = 0.5mm shares

–

2008 Revenues $28.0mm = 1.5mm shares

–

2009 Revenues $47.0mm = 3.0mm shares

–

20%+ overachievement = 1.0mm shares

–

Partial payout for 80 to 100% achievement

Pro Forma Capitalization

19.0mm shares outstanding at closing

43.9mm shares fully diluted

$45mm cash estimated on closing

18.5mm warrants expiring Aug-09, which, if exercised for cash, could yield up to $95mm

Among

the

four

vital

signs,

temperature

was

historically

ignored

point

intervention

Cooling and warming have recently become standard of care for patients in critical condition or

undergoing surgical procedures

Temperature is a Key Vital Sign In Critical Care Patients

The other three vital signs are well-developed, multi-billion dollar device markets

Blood

Pressure

Heart

Rate

Respiration

Temperature

Management

Well characterized and measurable

Clinically important

Recommended intervention

Increasing physician awareness

Novel technologies

Adoption at inflection point

Reducing Fever (Normothermia)

Majority of critical care patients experience fever in the ICU

Fever (>38°C) is associated with increased mortality,

morbidity and length of stay in the ICU

Therapeutic Cooling (Induced Hypothermia)

Cooling

33°C

following

cardiac

arrest

saves

one

life

for

every

seven

people

treated

Therapeutic Warming (Normothermia)

Patients undergoing major surgeries experience reduced core temperatures (hypothermia)

–

Hypothermia increases morbidity risk through impaired wound healing, adverse cardiac events, altered drug

metabolism, and coagulopathies

Why is Temperature Management Important?

70%

68%

83%

Cardiac Arrest

Subarrachnoid

Hemorrhage

Traumatic Brain

Injury

Fever Incidence in ICU

Clinical Example: Temperature and Ischemic Injury

42º

41º

40º

39º

38º

37ºC

36º

35º

34º

33º

32º

Area at risk

for secondary

injury

Primary

ischemic

injury

Clinical Goal: Tissue Preservation

HYPOTHERMIA

Preserves Tissue

HYPERTHERMIA

Accelerates Injury

Physiological Damage of Fever

•

Increased neurotransmitter release and

associated “excitotoxic”

injury

•

Increased free radical products in brain

•

Breakdown of the blood-brain barrier

•

Increase in abnormal depolarizations

•

Affects protein kinase signaling pathways

in brain

•

Accelerates nerve cell cytoskeleton

breakdown

Cardiac arrest 1,400,000

Stroke 1,400,000

AMI 2,000,000

Reducing Fever

(Normothermia)

Therapeutic Cooling

(Induced Hypothermia)

Fever control in 800,000

the Neuro ICU

Cardiothoracic 800,000

surgery

Therapeutic

Warming

(Normothermia)

Target Indications: Worldwide Estimated Annual Incidence

Fever control in 800,000

the Neuro ICU

(240,000 cooling blanket

replacement segment)

Cardiac arrest 430,000

Stroke 700,000

AMI 700,000

Cardiothoracic 175,000

surgery

Cardiac arrest $400 MM

Reducing Fever

(Normothermia)

Therapeutic Cooling

(Induced Hypothermia)

Fever control in $400 MM

the Neuro ICU

Current Estimated Market Opportunity $960 million

Cardiothoracic $160 MM

surgery

Therapeutic

Warming

(Normothermia)

Worldwide Annual Disposable Market Opportunities

Total Estimated Addressable Opportunity $2.85 billion

Stroke $800 MM

AMI $840 MM

Other Major $250 MM

surgeries

(For cleared and off-label uses)

Brain Injury in Cardiac Arrest

Study published in The New England

Journal of Medicine showed induced

hypothermia reduces mortality and improves

long-term neurological function

–

One in seven lives saved

–

37% improvement in neurological function

Other studies show cooling may also be

beneficial for other arrythmias or in-hospital

cardiac arrest

Est. $400 Million Opportunity

~430,000 patients

Latest

AHA

guidelines

for

cardiac

arrest

(Nov

2005)

recommend

induced

hypothermia

Organizations Supporting Temperature Management

Fever is harmful to the Neuro ICU patient

Fever is associated with poor clinical outcomes,

increased complications and increased

mortality

–

Increases secondary brain injury

–

Exacerbates intracranial pressure complications

Cooling addresses stroke, traumatic brain injury

and hemorrhage

Standard antipyretic therapy is not effective at

eliminating fever

Est. $400 Million Opportunity

Guidelines recommend aggressive fever management following neurologic injury

Fever Control in Brain Injured Patients

~800,000 patients

Organizations Supporting Temperature Management

Unwanted hypothermia during “off-pump”

bypass surgery while anesthetized and

exposed to cool operating room temperatures

Increased morbidity

–

Impaired wound healing

–

Adverse cardiac events

–

Altered drug metabolism

–

More bleeding

–

Increased length of stay in post-surgical

intensive care units

Aortic procedures require cooling and

warming

Major medical societies have for years recommended specific guidelines regarding

rewarming during cardiothoracic surgeries

Est. $160 Million Opportunity

Warming During Cardiothoracic Surgery

~175,000 patients

Organizations Supporting Temperature Management

Est. $1.6 Billion Opportunity

AMI

Opportunity

(expected

’08

–

’09)

–

Recent clinical trials suggest therapeutic

cooling before and during emergency

angioplasty may reduce heart tissue scarring

Stroke

Opportunity

(expected

‘09

–

’11)

–

American Stroke Association sees therapeutic

hypothermia as promising treatment for stroke

victims

–

Several clinical trials to study the benefits of

therapeutic cooling in stroke victims are

underway worldwide

Promising future opportunities may be available in stroke and AMI applications

Future Opportunities: Acute Myocardial Infarction (AMI) and Stroke

~1.4 million aggregate patients in Stroke and AMI

Organizations Supporting Temperature Management

No control or accuracy

High temperature variation

Alcohol

Rubs

High provider effort

Inefficient temperature transfer

Lavage

Limited control

High temperature variation

Significantly obstructs patient access

Blankets

No temperature control or accuracy

High provider effort to maintain target temperature

Ice

Type

Limitations

Current methods lack control, accuracy and efficiency

Conventional Cooling & Warming Methods

A Higher Degree of Control

“Hands free”

operation reduces nursing time

Temperature control algorithm minimizes

fluctuations and prevents overshoot

User-friendly interface

Large, color graphical display

Simple input for target patient temperature and

rate of cooling

Real-time Digital Data

TempTrend Software

enables real-time

temperature display, storage and download

CoolGard 3000 System

Dimensions

Height 45”

Width 17”

Depth 30”

Superior Temperature Management

Promotes effective, controlled temperature transfer through closed loop circulation

Familiar Package, Dual Purpose

Functions just like standard central venous catheters (CVCs) routinely used in

critical care

Broad Product Offering

Significant physician choice to meet patient need and user preference; insertion

site, catheter profile/power, single or multi-lumen

Icy

CoolLine

Fortius

High Performance, Single-Use Catheters

Alsius’s

primary U.S. clinical trial

–

296

patient randomized controlled

–

4 cohorts: subarachnoid

hemorrhage, intracerebral

hemorrhage, ischemic

infarction and traumatic brain injury

–

Primary endpoint: reduction in fever burden

Trial results

64%

reduction in fever burden

60%

reduction in other surface cooling methods used

25%

reduction in required antipyretics

43%

reduction in nursing time

Alsius’s

Clinical Results in Fever Control

Fortius

(1 lumen)

Cardiac surgery patients

(normothermia)

Neuro surgery patients

(hypothermia)

Icy

(1 and 3 lumen)

Initial Filing 3Q:07

Cooling and warming

(normothermia

and

hypothermia)

* Covers cardiac arrest

Cooling and warming

for patients who warrant

a central venous

catheter (normothermia

and hypothermia)

* Covers cardiac arrest

Cerebral infarction patients w/

CVC (fever reduction)

Intracerebral

hemorrhage patients

w/ CVC (fever reduction)

CoolLine

(2 and 3 lumen)

Japan

Canada/Australia

Europe

U.S.

(510k)

Product

Multiple Worldwide Regulatory Clearances

Note: Cardiac arrest is currently “off-label”

in U.S. Alsius intends to pursue FDA clearance for cardiac arrest with human

trials estimated to begin by the end of 2007.

Core

patents

surrounding

inducing

hypothermia

with

catheter

specified

indications and for fever control using a central venous catheter

34 U.S. issued patents

19 U.S. patent applications

5 issued international patents and 13 pending international patent applications

Alsius, CoolGard, Cool Line, Icy and Fortius are registered trademarks in the United

States and the European Union

Intellectual Property Position

U.S.

–

Rapid growth in direct sales force

2004 2005 2006 2007* 2008*

4 5 15 18-20 25-30

–

Install new systems

–

Add additional systems in existing

customers

–

Drive catheter utilization

Sales & Marketing

* Estimated

International

–

25 distributors in 35 countries

2004 2005 2006

5 15

–

Increase distributor network

–

Expand into additional

international markets through

new distributors

CoolGard

saves

hospitals

money

addition

saving

patients’

lives

Alsius specific reimbursement codes expected in late 2009

Cost Comparison

Reimbursement

Disposables

(CoolLine)

CoolGard System

Direct Costs

Nursing Time

ICU Stay

Alsius Cost

In Hospital Savings

$758

$3,445

Typical Treatment Costs for 7-Day Stay in Neuro ICU

$2,700 –

Reduce ICU stay

by 1 day*

$375 –

Direct Replacement

Savings

(CVC,

cooling

blankets,

antipyretics,

etc.)

$240 –

43% Reduced

nursing time**

$130 –

Existing CPT code

for CVC insertion

Amortized 5yr –

$158

* Diringer

et al Critical Care Medicine, July 2004, Vol.32; No. 7.

** Lemons

et.

al.

“Novel

Intravascular

heat

exchange

cyc

reduces

fever

and

nursing

time

Neuro

ICU

patients.”

Catheter–

$600

Alsius benefits from a leveraged sales model

–

Following the initial system installation, catheter sales increase as the care providers gain experience

Leveraged

Sales

Model

–

Historical

2004

2006

$696

$692

$580

$438

Average Price / Catheter

1,957

1,607

918

694

Total Catheters

2.0

1.8

1.6

1.4

Catheters / System / Month

122

115

Installed Systems

Hospitals

2006A

2006*

2005A

2004A

For U.S. Only

A Actual

* Previously Forecast October 2006

Strategy

Leverage first-mover advantage

Increase number of hospital customers

Expand marketing presence

Drive adoption

Increase catheter utilization

Conduct clinical studies and enhance physician awareness

Improve margins

Drive down the cost per catheter

Manufacturing efficiencies with increased volumes

Next generation product lines

Explore acquisition opportunities

Leverage cost structure

Complementary temperature management products / businesses

Critical care product lines or businesses

Enhanced financial position from merger intended to allow

Alsius to further its commercial lead and accelerate growth

Large target markets with significant growth opportunities

–

Current market opportunity $960 million worldwide for cleared indications

–

Evolving $2.85 billion total addressable market worldwide for therapeutic cooling, warming and normal

temperature maintenance (including Stroke and AMI), based on intended future clearances and indications

Worldwide market leader in intravascular temperature management

–

Over 9,000 patients treated and CoolGard systems installed at over 200 hospitals

–

Alsius’s

intravascular approach viewed by critical care leaders as better medicine for patients and care providers

Recurring revenue business model featuring disposable driven products

–

Targeting repeat sales of single-use, disposable catheters (also functions as central venous catheter)

Experienced management team

–

Over 90 years of aggregate experience developing and selling innovative med-tech products

Merger

with

Ithaka

aimed

providing

the

financial

resources

capitalize

Alsius’s

first-mover status

Investment Highlights