Infinity Pharmaceuticals to Host a Virtual-Only 2020 Annual Meeting of Stockholders

Infinity Pharmaceuticals, Inc. (the "Company") (NASDAQ: INFI) today announced that, due to the public health impact of the novel coronavirus (COVID-19) outbreak and governmental restrictions limiting the number of people who may gather together, and to support the health and well-being of its stockholders, employees and communities, the Company has changed the format of its 2020 Annual Meeting of Stockholders (the "Annual Meeting") to be a virtual-only meeting. The Annual Meeting will be held at 8:30 a.m. ET on June 17, 2020, as previously disclosed in the Company's proxy material, but will be held via live audio webcast. Stockholders will be able to participate in the Annual Meeting only via the webcast.

Advance Registration
As described in the proxy materials for the Annual Meeting previously distributed, stockholders are entitled to attend and vote at the Annual Meeting if they were a stockholder at the close of business on the record date, April 20, 2020, or hold a legal proxy for the meeting provided by the stockholder's bank or brokerage firm as of such record date. To attend and participate in the Annual Meeting, stockholders must register at https://viewproxy.com/infi/2020/ (the "Meeting Registration Website") prior to 11:59 p.m. ET on June 15, 2020. To register, shareholders must provide their contact information and the control number found on their proxy card, voting instruction form, or the notice that was previously received. Upon completing registration, eligible participants will receive further instructions via email, including unique links that will allow such eligible participants to access the meeting. Stockholders may submit questions at registration or during the Annual Meeting through the virtual meeting platform. Those stockholders without a control number may attend as guests of the meeting but will not have the option to vote during the virtual meeting. A list of registered stockholders will also be available to record holders during the Annual Meeting. For additional information regarding how stockholders may attend, participate in and/or vote at the Annual Meeting, please refer to the Company's additional proxy material filed today with the U.S. Securities and Exchange Commission, which can also be accessed on the Company's website at www.infi.com.

Technical Support
Eligible participants who have difficulty accessing the Meeting Registration Website or the virtual meeting may reach out to the technical support at [email protected] or call 1-866-612-8937.

Voting in Advance
Stockholders of record may vote prior to the meeting by the following means if received prior to 11:59 p.m. ET on June 16, 2020:

1. By internet at www.proxyvote.com;
2. By telephone using a touch-tone telephone at 1-800-690-6903; or
3. By marking, signing and dating the proxy card and returning it in the postage-paid envelope provided to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

Please note that the proxy card included with previously distributed proxy materials will not be updated to reflect the change from an in-person meeting to a virtual-only meeting and may be used to vote shares in connection with the Annual Meeting. Whether or not stockholders plan to attend the virtual-only annual meeting, the Company urges stockholders to vote and submit their proxies in advance of the meeting by one of the methods described in the proxy materials. Stockholders who have previously registered to attend and participate at the Meeting Registration Website may also vote online during the Annual Meeting by following the instructions available on the annual meeting website.

About Infinity and IPI-549
Infinity is an innovative biopharmaceutical company dedicated to advancing novel medicines for people with cancer. Infinity is advancing IPI-549, a first-in-class, oral immuno-oncology development candidate that selectively inhibits PI3K-gamma, in multiple clinical studies. Infinity's study MARIO-275 is a global, randomized, controlled combination study of IPI-549 combined with Opdivo® in I/O naïve urothelial cancer. MARIO-3 is the first IPI-549 combination study in front-line advanced cancer patients and is evaluating IPI-549 in combination with Tecentriq® and Abraxane® in front-line triple-negative breast cancer, or TNBC, and in combination with Tecentriq and Avastin® in front-line renal cell carcinoma. In collaboration with Arcus Biosciences, Infinity is evaluating a checkpoint inhibitor-free, novel combination regimen of IPI-549 plus AB928 (dual adenosine receptor antagonist) plus Doxil® in advanced TNBC patients. In 2019, Infinity completed enrollment in MARIO-1, a Phase 1/1b study evaluating IPI-549 as a monotherapy and in combination with Opdivo (nivolumab) in patients with advanced solid tumors, including patients refractory to checkpoint inhibitor therapy. With these studies Infinity is evaluating IPI-549 in the anti-PD-1 refractory, I/O-naïve, and front-line settings. For more information on Infinity, please refer to Infinity's website at www.infi.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the therapeutic potential of IPI-549, and the company's ability to execute on its strategic plans. Such statements are subject to numerous important 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 IPI-549 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. Management's expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: the cost, timing and results of clinical trials and other development activities that may be delayed or disrupted by the COVID-19 pandemic or otherwise; the content and timing of decisions made by the U.S. FDA and other regulatory authorities; Infinity's ability to obtain and maintain requisite regulatory approvals; unplanned cash requirements and expenditures; development of agents by Infinity's competitors for diseases in which Infinity is currently developing or intends to develop IPI-549; and Infinity's ability to obtain, maintain and enforce patent and other intellectual property protection for IPI-549. These and other risks which may impact management's expectations are described in greater detail under the caption "Risk Factors" included in Infinity's annual report and quarterly reports filed with the Securities and Exchange Commission (SEC), and in other filings that Infinity makes with the SEC, available through the company's website at www.infi.com. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity does not undertake and expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Opdivo^® is a registered trademark of Bristol-Myers Squibb.
Tecentriq^® and Avastin^® are registered trademarks of Roche.
Abraxane^® is a registered trademark of Celgene.
Doxil^® is a registered trademark of Janssen Products.