SOURCE: Inion Ltd.

August 16, 2005 08:44 ET

Inion Introduces Its First Biodegradable Spinal Implant in Europe

CE Mark Received for Inion S-1™ Anterior Cervical Fixation System

TAMPERE, FINLAND and TAKELEY, UK -- (MARKET WIRE) -- August 16, 2005 -- Inion (LSE: IIN), a rapidly growing company focused on the development of novel biodegradable medical implants, has received a CE Mark for the Inion S-1™ Anterior Cervical Fixation System for spinal applications. CE Mark is required by a number of accredited bodies to medical device manufacturers prior to commercial distribution in the European Union.

Inion S-1™ is a biodegradable anterior cervical fusion plate for graft containment in fusions of the cervical vertebrae, which are the first seven vertebrae and are located at the top of the spinal column. These procedures are carried out in the treatment of chronic back conditions where surgeons fuse two adjacent vertebrae together in order to stabilise the area and alleviate pain. The advantage of biodegradable devices for spinal surgery, which is viewed as relatively high risk, is that they negate the need for further surgery to remove the implant.

Inion produces an extensive range of biodegradable medical devices for a number of clinical applications. Inion S-1™ is the first spinal product that Inion has introduced and adds a fifth area to the Company's biodegradable product range. A programme of clinical post-marketing work is scheduled to begin later during 2005, success of which is anticipated will lead to a full scale launch of the Inion S-1™ product during 2006.

Dr. Auvo Kaikkonen, CEO of Inion, commented, "The receipt of this CE Mark is a crucial milestone for Inion as it enables the Company to target the very large and rapidly growing spinal sector. Furthermore, this first spinal product presents an excellent opportunity to potential distribution partners looking to enhance their own portfolios with a state-of-the-art technology."

About Inion (www.inion.com)

Inion Oy is a Finnish company that specialises in the development of biodegradable medical implants. Inion's core expertise and technology lies in the design and manufacture of innovative biodegradable plates, screws, pins and membranes that are used to enhance the healing of skeletal injuries (bone and soft tissue), such as those caused by trauma or by reconstructive surgery. Inion's implants are made from its proprietary Inion Optima™ family of biomaterials, with properties tailored for specific surgical applications, in terms of strength, flexibility and rate of degradation.

Inion has developed and launched products in four strategic business areas -- cranio-maxillofacial surgery, orthopaedic trauma, sports medicine and dental surgery -- in more than 40 countries worldwide, and has a number of international distribution agreements in place, with among others Stryker Corporation and Aesculap (part of B.Braun).

Inion was incorporated in early 2000 by an international team of experts in biodegradable materials and their clinical applications, and listed on the Official List of the UK Listing Authority in December 2004 (LSE: IIN). The Company's has corporate headquarters in the UK, R&D and production facilities in Tampere, Finland, and a US office in Oklahoma City, OK.

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Group's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Group's products), and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets," "believes," "estimates," "expects," "aims," "intends," "will," "can," "may," "anticipates," "would," "should," "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. Among the important factors that could cause the Group's actual results, performance or achievements to differ materially from those in forward-looking statements include those relating to Inion's funding requirements, regulatory approvals, reliance on third parties, intellectual property, key personnel and other factors. These forward-looking statements speak only as at the date of this announcement. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statement.

Contact Information

  • For further information, please contact:

    Inion Oy
    Dr. Auvo Kaikkonen
    Chief Executive Officer
    +358 3 230 6600

    Tim Hirst
    Corporate Communications
    +44 (0)1279 874 222

    Citigate Dewe Rogerson
    Mark Swallow / Helena Podd
    +44 (0)20 7638 9571