IIN Inion Oy

 

TIDMIIN 
 
RNS Number : 5041P 
Inion Oy 
26 March 2009 
 

 
 
Inion Oy 
("Inion" or the "Company") 
 
 
Update on Financial Position 
Tampere, Finland and Guildford, UK. 26 March 2009, Inion (LSE: IIN.L), a company 
focused on the development and commercialisation of novel biodegradable medical 
implants, today provides an update to the market further to previous 
announcements made this year. 
In its Pre-Close Trading Statement on 12 January 2009, the company announced 
that it continued to seek additional funding to support its strategy. The 
Company has been holding discussions with shareholders and other potential 
investors with the aim of raising additional equity capital. However, whilst it 
has been able to obtain indicative commitments from a number of investors, in 
light of prevailing equity market conditions, the Company has not been able to 
secure a sufficient level of funding to enable it to continue with its current 
strategy. 
On 19 March 2009, the Company announced that it is continuing with the 
implementation of measures to reduce its overhead expenditure and headcount 
levels to conserve its current cash resource. Despite these measures, the 
Company continues to require additional funding to finance its working capital 
requirements in the short term. 
With an equity fundraising now highly unlikely, the Company has initiated 
discussions with a number of parties in relation to other strategic transactions 
or divestment of certain assets to raise additional funding. There is no 
certainty that these discussions will result in an injection of funds into the 
Company and the Company will continue to keep the market updated, as 
appropriate. 
 
 
- Ends - 
 
For further information, please contact: 
 
 
+-----------+----------+ 
| Inion     | Tel: +44 | 
| Oy        | (0)1483  | 
| Chris     | 685390   | 
| Lee,      |          | 
| Chief     |          | 
| Executive |          | 
| Officer   |          | 
| Julien    |          | 
| Cotta,    |          | 
| Chief     |          | 
| Financial |          | 
| Officer   |          | 
|           |          | 
+-----------+----------+ 
| Citigate  | Tel: +44 | 
| Dewe      | (0)207   | 
| Rogerson  | 638 9571 | 
| Mark      |          | 
| Swallow   |          | 
| / David   |          | 
| Dible     |          | 
+-----------+----------+ 
 
 
About Inion (www.inion.com) 
 
 
Inion Oy is a medical devices company focused on the development and successful 
commercialisation of innovative and unique biodegradable and bioactive surgical 
implants in selected high value orthopaedic market segments. 
 
 
Inion's core expertise and technology lies in the design and manufacture of 
innovative biodegradable plates, screws, pins and membranes, which are used to 
enhance the healing of bone or soft tissue injuries to the skeleton, such as 
those caused by trauma or by reconstructive surgery. Inion implants are made 
from its proprietary Inion Optima(TM) family of biomaterials, with properties 
tailored for specific surgical applications, in terms of strength, flexibility 
and rate of degradation 
 
 Inion is also focused on developing proprietary new bioactive and 
biodegradable biomaterials that promote bone healing and accelerate patient 
rehabilitation. 
 
 
Inion was incorporated in early 2000 and listed on the Official List of the UK 
Listing Authority in December 2004 (ticker: IIN). The Company has offices in the 
UK and USA, and its head office, R&D and production facilities are in Tampere, 
Finland. 
 
 
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. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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