Acorda Therapeutics: Preclinical Pipeline

1. Acorda Therapeutics: Preclinical Pipeline March 6, 2009

2. Forward Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including delays in obtaining or failure to obtain FDA approval of Fampridine-SR, the risk of unfavorable results from future studies of Fampridine-SR, Acorda Therapeutics' ability to successfully market and sell Fampridine-SR, if approved, and Zanaflex Capsules, competition, failure to protect its intellectual property or to defend against the intellectual property claims of others, the ability to obtain additional financing to support Acorda Therapeutics' operations, and unfavorable results from its preclinical programs. These and other risks are described in greater detail in Acorda Therapeutics' filings with the Securities and Exchange Commission. Acorda Therapeutics may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Acorda Therapeutics disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation. 2| Corporate Overview November 2008

3. Acorda Overview • Commercial stage biopharmaceutical company focused on restoring function in people with multiple sclerosis (MS), spinal chord injury (SCI) and related conditions of the central nervous system (CNS). • Zanaflex operations were cash flow positive in 2008, expected to be similar for 2009 • Specialty sales force composed of 65 sales professionals • Late stage product candidate (Fampridine-SR) • Two positive Phase 3 clinical trials completed under SPA • NDA submitted January 2009 •  Compelling preclinical pipeline • Multiple approaches to regeneration and repair of the CNS • Experienced preclinical/clinical team with strong academic collaborations • Target filing an IND in 2009 and others to follow

4. Product Pipeline

5. Preclinical Pipeline Neuregulins Remyelinating Antibodies Chondroitinase

6. Neuregulins • Large family of proteins, structurally related to EGF • Bind to ErbB receptors • Diverse bioactivities and potential applications • Promote growth of oligodendrocytes MS, SCI • Protect cardiomyocytes and promote differentiation of stem cells to cardiomyocytes CHF, Cardiotoxicity, MI • Protect neurons from stressors Stroke, TBI • GGF2 selected as lead candidate

7. Market Opportunities • MS - 400,000 people in the US1 • SCI - 200,000 people in the US2 • TBI - 1.4 million new cases in the US annually3 • Stroke - 750,000 new cases in the US annually4 • CHF – 5.3 million people in the US; 400,000 new cases annually5 • MI – 7.5 million people in the US; 920,000 new cases annually6 • Cardiotoxicity – Occurs in up to 30% of patients treated with chemotherapies7 • Sources: 1- Atlas MS Resources in the World – WHO 2008; 2,3 – CDC; 4,5, 6 & 7 – AHA

8. Highlights of Neurological Applications • Reduces relapses and disease severity in EAE model of MS (Cannella et al) • Reduces infarct size and improves function in transient ischemia model of stroke (Xu et al.) • Improves function with wide therapeutic window in permanent ischemia model of stroke (Acorda) • Reduces neuron loss and enhances dopamine production in models of Parkinson’s Disease (Yurek et al., Seroogy et al.) • Others: peripheral nerve injury, SCI

9. Neuroprotection: Data Highlights Rat 6-OHDA Model Rat Permanent MCAO Model Forelimb Placing Test (Acorda Therapeutics) (Seroogy, U Cincinnati)

10. 2009 Neuregulin Milestones • Expect to complete cGMP manufacturing process and produce clinical material • CMC ICOS in Bothwell, WA • Expect to complete toxicology program • Rodent and non-human primate studies underway • Expect to file IND for CHF – late 2009 • Pending satisfactory animal safety data • Conduct parallel efficacy studies • Expand possible indications - neurological • Clarifying dosing and routes of administration • Determine therapeutic window

11. Remyelinating Monoclonal Antibodies • Human IgM antibodies identified by Moses Rodriguez at Mayo Clinic • Protect oligodendrocytes and promote remyelination • Compelling preclinical data in 3 animal models, effects include: • Protection of oligodendrocytes • Promotion of remyelination • Functional benefit • Lead Selected – rHIgM22 • Exclusive worldwide license from Mayo Clinic

12. Bind and Oligomerize Targets within Lipid Rafts rHIgM22 Mechanism of Action Protect Oligodendrocytes and Enhance Myelin Production Data are shown as percent of myelin gene levels measured in infected animals treated only with PBS. Values shown are means of three independent experiments ± SEM.

13. rHIgM22 Stimulates Remyelination 25 rHIgM14 * P < 0.05 * 20 15 AREA OF CNS REMYELINATION (% OF AREA) rHIgM22 10 5 0 14 22 PBS TMEV model Human mAbs

14. Future rHIgM22 Milestones • Complete cGMP manufacturing process and purification • Complete toxicology studies • Studies underway • Completed Pre-IND meeting

15. Chondroitinase Program • Enzyme that degrades growth inhibitors in the CNS • Shown to promote CNS regeneration and plasticity • Functional recovery in multiple models of CNS damage • Brain and spinal cord • Different species • Results replicated in at least 6 laboratories • Evidence for improvements in: • Locomotor and forelimb motor function • Sensory function • Autonomic (bladder) function • Visual function

16. Acorda Study:Chondroitinase improves locomotor function in rat model of spinal cord injury* *Journal of Neurotrauma, Volume 22 Number 2 February 2005

17. Acorda Study:Chondroitinase improves bladder function in rat model of spinal cord injury

18. Chondroitinase Milestones • Demonstrate efficacy in larger animal models of traumatic injury • Advance lead Chondroitinase from research to preclinical development

19. 2009 Preclinical Milestones • Neuregulins – Expect to file IND with FDA in late 2009 • rHIgM22 – Establish cGMP manufacturing and continue safety program • Chondroitinase – Enhance animal POC data

20. End of Presentation