Document:

April 25, 2005

Ithaka Acquisition Corp.
100 South Pointe Drive
23rd Floor
Miami, Florida 33139

EarlyBirdCapital, Inc.
275 Madison Avenue
Suite 1203
New York, New York 10016

                  Re:      INITIAL PUBLIC OFFERING

Gentlemen:

                  The  undersigned  stockholder,  officer and director of Ithaka
Acquisition  Corp.  ("Company"),  in  consideration  of  EarlyBirdCapital,  Inc.
("EBC")  entering into a letter of intent  ("Letter of Intent") to underwrite an
initial public  offering of the securities of the Company  ("IPO") and embarking
on the IPO process,  hereby agrees as follows  (certain  capitalized  terms used
herein are defined in paragraph 12 hereof):

                  1. If the Company  solicits  approval of its stockholders of a
Business Combination,  the undersigned will vote all Insider Shares owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

                  2. In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will (i)  cause the Trust  Fund (as  defined  in the  Letter  of  Intent)  to be
liquidated  and  distributed  to the  holders  of IPO  Shares  and (ii) take all
reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable.  The undersigned hereby waives any and all right, title,
interest  or claim of any kind in or to any  distribution  of the Trust Fund and
any  remaining  net assets of the Company as a result of such  liquidation  with
respect  to his  Insider  Shares  ("Claim")  and  hereby  waives  any  Claim the
undersigned  may have in the

<PAGE>

Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 2

future as a result of, or arising out of, any contracts or  agreements  with the
Company  and  will not seek  recourse  against  the  Trust  Fund for any  reason
whatsoever.  In the event of the  liquidation of the Trust Fund, the undersigned
agrees to indemnify and hold harmless the Company, pro rata with Eric Hecht, the
Company's President and Chief Financial Officer,  based on the number of Insider
Shares  held by each  such  individual,  against  any and all  loss,  liability,
claims,  damage and expense whatsoever  (including,  but not limited to, any and
all legal or other expenses reasonably  incurred in investigating,  preparing or
defending  against any litigation,  whether pending or threatened,  or any claim
whatsoever) which the Company may become subject as a result of any claim by any
vendor or other person who is owed money by the Company for services rendered or
products  sold or  contracted  for, or by any target  business,  but only to the
extent necessary to ensure that such loss,  liability,  claim, damage or expense
does not reduce the amount in the Trust Fund.

                  3. In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating  business,  until the
earlier  of the  consummation  by the  Company of a  Business  Combination,  the
liquidation of the Company or until such time as the undersigned ceases to be an
officer or director of the Company,  subject to any  pre-existing  fiduciary and
contractual obligations the undersigned might have.

                  4. The  undersigned  acknowledges  and agrees that the Company
will not consummate any Business  Combination  which involves a company which is
affiliated  with any of the Insiders  unless the Company obtains an opinion from
an independent  investment  banking firm  reasonably  acceptable to EBC that the
business  combination  is fair to the  Company's  stockholders  from a financial
perspective.

                  5.  Neither the  undersigned,  any member of the family of the
undersigned, nor any affiliate ("Affiliate") of the undersigned will be entitled
to receive and will not accept any  compensation  for  services  rendered to the
Company prior to the consummation of the Business Combination; provided that the
undersigned  shall  be  entitled  to  reimbursement  from  the  Company  for his
out-of-pocket  expenses  incurred in connection with seeking and  consummating a
Business Combination.

                  6.  Neither the  undersigned,  any member of the family of the
undersigned, nor any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

<PAGE>
Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 3

                  7. The  undersigned  will  escrow his  Insider  Shares for the
three year period  commencing  on the  Effective  Date subject to the terms of a
Stock Escrow  Agreement  which the Company will enter into with the  undersigned
and an escrow agent acceptable to the Company.

                  8. The undersigned  agrees to be the Chairman of the Board and
Chief Executive  Officer of the Company until the earlier of the consummation by
the Company of a Business  Combination or the  liquidation  of the Company.  The
undersigned's  biographical  information  furnished  to the  Company and EBC and
attached hereto as Exhibit A is true and accurate in all respects, does not omit
any  material  information  with  respect to the  undersigned's  background  and
contains all of the information required to be disclosed pursuant to Item 401 of
Regulation S-K,  promulgated under the Securities Act of 1933. The undersigned's
Questionnaire  furnished  to the Company and EBC and annexed as Exhibit B hereto
is true and accurate in all respects.  The  undersigned  represents and warrants
that:

         (a) he is not subject to or a  respondent  in any legal action for, any
injunction,  cease-and-desist order or order or stipulation to desist or refrain
from  any  act  or  practice  relating  to the  offering  of  securities  in any
jurisdiction;

         (b) he has never been  convicted of or pleaded  guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person,  or (iii) pertaining to any dealings in any securities,
and he is not currently a defendant in any such criminal proceeding; and

         (c) he has never been  suspended  or expelled  from  membership  in any
securities  or  commodities  exchange  or  association  or had a  securities  or
commodities license or registration denied, suspended or revoked.

                  9. The undersigned has full right and power, without violating
any agreement by which he is bound,  to enter into this letter  agreement and to
serve as Chairman of the Board and Chief Executive Officer of the Company.

                  10.  The  undersigned   authorizes  any  employer,   financial
institution, or consumer credit reporting agency to release to EBC and its legal
representatives  or agents (including any investigative  search firm retained by
EBC) any  information  they may have  about  the  undersigned's  background  and
finances  ("Information").  Neither EBC nor its agents  shall be  violating  the
undersigned's  right of privacy in any manner in  requesting  and  obtaining the
Information  and the  undersigned  hereby  releases them from  liability for

<PAGE>

Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 4

any damage whatsoever in that connection.

                  11. This letter  agreement  shall be governed by and construed
and  enforced  in  accordance  with the laws of the State of New  York,  without
giving  effect  to  conflicts  of  law  principles  that  would  result  in  the
application of the  substantive  laws of another  jurisdiction.  The undersigned
hereby (i) agrees that any action,  proceeding  or claim against him arising out
of or relating in any way to this letter  agreement  (a  "Proceeding")  shall be
brought and enforced in the courts of the State of New York of the United States
of America for the Southern  District of New York,  and  irrevocably  submits to
such  jurisdiction,  which  jurisdiction  shall be  exclusive,  (ii)  waives any
objection  to such  exclusive  jurisdiction  and that such courts  represent  an
inconvenient  forum and (iii)  irrevocably  agrees to appoint Graubard Miller as
agent for the  service of process in the State of New York to  receive,  for the
undersigned and on his behalf, service of process in any Proceeding.  If for any
reason such agent is unable to act as such, the undersigned will promptly notify
the Company and EBC and appoint a  substitute  agent  acceptable  to each of the
Company  and EBC within 30 days and nothing in this letter will affect the right
of either party to serve process in any other manner permitted by law.

                  12. As used herein, (i) a "Business Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common Stock
of the Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall
mean the shares of Common Stock issued in the Company's IPO.

                                 PAUL A. BROOKE
                                 --------------
                                 Print Name of Insider

                                 /S/ PAUL A. BROOKE
                                 ------------------
                                 Signature

<PAGE>

EXHIBIT A

         Paul A.  Brooke  has  served  as our  chairman  of the  board and chief
executive  officer  since our  inception.  Mr.  Brooke  has served as a managing
member of PMSV Holdings, LLC, a private investment firm, since 1993. He has also
served as a venture partner of MPM Capital,  a venture capital firm specializing
in the healthcare industry since 1997. Mr. Brooke has also served as an advisory
director for Morgan Stanley & Co., Inc. since April 2000. From March 1999 to May
2000, Mr. Brooke served as a Managing  Director of Tiger Management LLC, a money
management  hedge fund.  From March 1983 to March 1999,  he served as a Managing
Director  and the Global  Head of  Healthcare  Research  and  Strategy at Morgan
Stanley. Mr. Brooke is also a director of the following public companies:

o        Incyte  Corporation,  a Nasdaq  National  Market listed company that is
         focused on the discovery and development of novel, small molecule drugs
         to treat  major  medical  conditions,  including  infection  with human
         immunodeficiency  virus,  or HIV,  inflammatory  disorders,  cancer and
         diabetes;

o        WebMD  Corporation,  a  Nasdaq  National  Market  listed  company  that
         provides   various  types  of  healthcare   information   services  and
         technology solutions and products; and

o        ViroPharma,  Inc.,  a  Nasdaq  National  Market  listed  pharmaceutical
         company dedicated to the development and  commercialization of products
         that address serious diseases  treated by physician  specialists and in
         hospital  settings.

Mr. Brooke  received an B.A. (cum laude) from Columbia  College and an M.A. from
Columbia University.April 25, 2005

Ithaka Acquisition Corp.
100 South Pointe Drive
23rd Floor
Miami, Florida 33139

EarlyBirdCapital, Inc.
275 Madison Avenue
Suite 1203
New York, New York 10016

                  Re:      INITIAL PUBLIC OFFERING

Gentlemen:

                  The  undersigned  stockholder,  officer and director of Ithaka
Acquisition  Corp.  ("Company"),  in  consideration  of  EarlyBirdCapital,  Inc.
("EBC")  entering into a letter of intent  ("Letter of Intent") to underwrite an
initial public  offering of the securities of the Company  ("IPO") and embarking
on the IPO process,  hereby agrees as follows  (certain  capitalized  terms used
herein are defined in paragraph 12 hereof):

                  1. If the Company  solicits  approval of its stockholders of a
Business Combination,  the undersigned will vote all Insider Shares owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

                  2. In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will (i)  cause the Trust  Fund (as  defined  in the  Letter  of  Intent)  to be
liquidated  and  distributed  to the  holders  of IPO  Shares  and (ii) take all
reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable.  The undersigned hereby waives any and all right, title,
interest  or claim of any kind in or to any  distribution  of the Trust Fund and
any  remaining  net assets of the Company as a result of such  liquidation  with
respect  to his  Insider  Shares  ("Claim")  and  hereby  waives  any  Claim the
undersigned  may have in the  future as a result  of,  or  arising  out of,  any
contracts or agreements with the Company and

<PAGE>

Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 2

will not seek recourse against the Trust Fund for any reason whatsoever.  In the
event of the liquidation of the Trust Fund, the undersigned  agrees to indemnify
and hold  harmless the  Company,  pro rata with Paul A.  Brooke,  the  Company's
Chairman  of the Board  and  Chief  Executive  Officer,  based on the  number of
Insider  Shares  held by  each  such  individual,  against  any  and  all  loss,
liability, claims, damage and expense whatsoever (including, but not limited to,
any and all  legal or  other  expenses  reasonably  incurred  in  investigating,
preparing or defending against any litigation, whether pending or threatened, or
any claim  whatsoever)  which the Company may become  subject as a result of any
claim by any  vendor  or other  person  who is owed  money  by the  Company  for
services rendered or products sold or contracted for, or by any target business,
but only to the extent  necessary  to ensure that such loss,  liability,  claim,
damage or expense does not reduce the amount in the Trust Fund.

                  3. In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating  business,  until the
earlier  of the  consummation  by the  Company of a  Business  Combination,  the
liquidation of the Company or until such time as the undersigned ceases to be an
officer or director of the Company,  subject to any  pre-existing  fiduciary and
contractual obligations the undersigned might have.

                  4. The  undersigned  acknowledges  and agrees that the Company
will not consummate any Business  Combination  which involves a company which is
affiliated  with any of the Insiders  unless the Company obtains an opinion from
an independent  investment  banking firm  reasonably  acceptable to EBC that the
business  combination  is fair to the  Company's  stockholders  from a financial
perspective.

                  5.  Neither the  undersigned,  any member of the family of the
undersigned, nor any affiliate ("Affiliate") of the undersigned will be entitled
to receive and will not accept any  compensation  for  services  rendered to the
Company prior to the consummation of the Business Combination; provided that the
undersigned  shall  be  entitled  to  reimbursement  from  the  Company  for his
out-of-pocket  expenses  incurred in connection with seeking and  consummating a
Business Combination.

                  6.  Neither the  undersigned,  any member of the family of the
undersigned, nor any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

<PAGE>

Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 3

                  7. The  undersigned  will  escrow his  Insider  Shares for the
three year period  commencing  on the  Effective  Date subject to the terms of a
Stock Escrow  Agreement  which the Company will enter into with the  undersigned
and an escrow agent acceptable to the Company.

                  8. The undersigned agrees to be the President, Chief Financial
Officer and Director of the Company until the earlier of the consummation by the
Company  of a  Business  Combination  or the  liquidation  of the  Company.  The
undersigned's  biographical  information  furnished  to the  Company and EBC and
attached hereto as Exhibit A is true and accurate in all respects, does not omit
any  material  information  with  respect to the  undersigned's  background  and
contains all of the information required to be disclosed pursuant to Item 401 of
Regulation S-K,  promulgated under the Securities Act of 1933. The undersigned's
Questionnaire  furnished  to the Company and EBC and annexed as Exhibit B hereto
is true and accurate in all respects.  The  undersigned  represents and warrants
that:

         (a) he is not subject to or a  respondent  in any legal action for, any
injunction,  cease-and-desist order or order or stipulation to desist or refrain
from  any  act  or  practice  relating  to the  offering  of  securities  in any
jurisdiction;

         (b) he has never been  convicted of or pleaded  guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person,  or (iii) pertaining to any dealings in any securities,
and he is not currently a defendant in any such criminal proceeding; and

         (c) he has never been  suspended  or expelled  from  membership  in any
securities  or  commodities  exchange  or  association  or had a  securities  or
commodities license or registration denied, suspended or revoked.

                  9. The undersigned has full right and power, without violating
any agreement by which he is bound,  to enter into this letter  agreement and to
serve as President, Chief Financial Officer and Director of the Company.

                  10.  The  undersigned   authorizes  any  employer,   financial
institution, or consumer credit reporting agency to release to EBC and its legal
representatives  or agents (including any investigative  search firm retained by
EBC) any  information  they may have  about  the  undersigned's  background  and
finances  ("Information").  Neither EBC nor its agents  shall be  violating  the
undersigned's  right of privacy in any manner in  requesting  and  obtaining the
Information  and the  undersigned  hereby  releases them from  liability for any
damage whatsoever in that connection.

<PAGE>

Ithaka Acquisition Corp.
EarlyBirdCapital, Inc.
April 25, 2005
Page 4

                  11. This letter  agreement  shall be governed by and construed
and  enforced  in  accordance  with the laws of the State of New  York,  without
giving  effect  to  conflicts  of  law  principles  that  would  result  in  the
application of the  substantive  laws of another  jurisdiction.  The undersigned
hereby (i) agrees that any action,  proceeding  or claim against him arising out
of or relating in any way to this letter  agreement  (a  "Proceeding")  shall be
brought and enforced in the courts of the State of New York of the United States
of America for the Southern  District of New York,  and  irrevocably  submits to
such  jurisdiction,  which  jurisdiction  shall be  exclusive,  (ii)  waives any
objection  to such  exclusive  jurisdiction  and that such courts  represent  an
inconvenient  forum and (iii)  irrevocably  agrees to appoint Graubard Miller as
agent for the  service of process in the State of New York to  receive,  for the
undersigned and on his behalf, service of process in any Proceeding.  If for any
reason such agent is unable to act as such, the undersigned will promptly notify
the Company and EBC and appoint a  substitute  agent  acceptable  to each of the
Company  and EBC within 30 days and nothing in this letter will affect the right
of either party to serve process in any other manner permitted by law.

                  12. As used herein, (i) a "Business Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or otherwise,  of an operating  business;  (ii) "Insiders" shall
mean all officers,  directors and stockholders of the Company  immediately prior
to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common Stock
of the Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall
mean the shares of Common Stock issued in the Company's IPO.

                                                     ERIC HECHT
                                                     ----------
                                                     Print Name of Insider

                                                     /S/ ERIC HECHT
                                                     --------------
                                                     Signature

<PAGE>

EXHIBIT A

         Eric Hecht has served as our president,  chief financial  officer and a
member of our board of directors  since our  inception.  Since January 2003, Dr.
Hecht has served as chief executive  officer of Potomac Pharma,  Inc., a private
specialty  pharmaceutical company. From January 1997 to December 2002, he served
as a senior  research  analyst  for  Merrill  Lynch and from  September  1992 to
December 1996, he served as a senior research analyst for Morgan Stanley.  While
at  Merrill  Lynch and  Morgan  Stanley,  Dr.  Hecht  focused  on  biotechnology
companies.  Dr. Hecht  received a B.S.  from Touro  College and an M.D. from the
Albert Einstein College of Medicine.

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