Press Release August 23, 2005

Inhibitex Completes $41.25 Million Financing

BOSTON, Aug. 23, 2005 – Inhibitex Inc. announced that it has completed and closed its previously announced private placement sale of 5.0 million shares of common stock to a group of institutional investors for gross proceeds of $41.25 million. Lazard Capital Markets acted as placement agent.

The attorney from Goodwin Procter who represented Lazard in this transaction is partner Mitchell Bloom.