Further Cost Reduction Measures

 

TIDMIIN 
 
RNS Number : 1031P 
Inion Oy 
19 March 2009 
 

 
 
Inion Oy 
("Inion or the "Company") 
 
 
Inion plans further cost reductions 
Tampere, Finland and Guildford, UK. 19 March 2009, Inion (LSE: IIN.L), a company 
focused on the development and commercialisation of novel biodegradable medical 
implants, today announces that it is implementing further cost reduction 
measures while it continues to seek additional funding to support its strategy. 
The measures, which were negotiated at the time of the cooperation talks with 
employees and were finalised in January 2009, will result in the suspension of 
33 employees in Finland. The measure is regarded under Finnish law as being made 
until further notice and so employment contracts of those affected will be 
suspended following a notice period of one month, after which there will be no 
further cost to Inion until such time as the Company has raised sufficient 
working capital for them to be reinstated. The cost savings to the Company are 
expected to be approximately EUR200,000 per month. Following this action, Inion 
will have 29 active employees. 
Chris Lee, Inion's CEO, said, "We are facing extremely challenging financial 
market conditions, which have unfortunately resulted in the measures we have 
taken today to conserve our cash resources. We remain fully committed to 
securing the funding needed to ensure the future of the Company so that we can 
realise the significant potential we see in our novel spine product offering, 
which continues to generate growing sales in key markets." 
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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