Interim Management Statement

 

TIDMIIN 
 
RNS Number : 4736S 
Inion Oy 
19 May 2009 
 

 
 
 
 
 
 
 
 
Inion Oy 
("Inion or the "Company") 
 
 
Interim Management Statement 
 
 
Tampere, Finland and Guildford, UK.19 May 2009, Inion (LSE: IIN.L), a company 
focused on the development and commercialisation of novel biodegradable medical 
implants, today publishes its Interim Management Statement ("IMS") for the 
period 1 January 2009 to date. 
 
 
  *  During the period, Inion continued to evaluate a range of options aimed at 
  ensuring sufficient funding to enable it to continue with its current strategy. 
  However, notwithstanding that certain indicative commitments were obtained from 
  a number of investors, due to the prevailing equity market conditions, the 
  Company has not been able to secure a sufficient level of funding. The Company 
  is continuing discussions with a number of parties in relation to other 
  strategic transactions or divestment of certain assets to raise additional 
  funding. 
 
 
 
  *  In order to conserve existing cash resources, all current activities are now 
  focused on generating sales in our key markets while other activities, including 
  manufacturing, have been suspended. 
 
 
 
  *  In March 2009, Inion received 510(k) regulatory clearance from the US Food and 
  Drug Administration (FDA) for its new Inion BioRestore(TM) Sahara bone filling 
  implants for use in spinal and orthopaedic surgical procedures. This is an 
  important product particularly for use in conjunction with Inion's new 
  biodegradable spinal graft containment systems for spinal fusion procedures 
  (Inion S-1(TM) and Inion S-2(TM) systems), which received 510(k) marketing 
  clearance in the US in mid-2008 and provided a significant boost to sales in 
  this market during the second half of 2008. 
 
 
 
  *  Inion announced on 29 April 2009 that it intends to apply to cancel the 
  admission of its Ordinary Shares on the Official List and to trading on the 
  London Stock Exchange's market for listed securities. It is anticipated that the 
  effective date of the Cancellation will be 24 June 2009, pending approval by 
  shareholders at an Extraordinary General Meeting to be held in Tampere, Finland 
  on 26 May 2009. Full details can be found on the Company's website 
  www.inion.com. 
 
 
 
  *  Invoiced sales for Q1 2009 are EUR697,000, with the order book at EUR242,000 at the 
  end of Q1 2008 (compared with EUR824,000 and EUR537,000, respectively at the end of 
  Q1 2008). Sales for the period 1 January - 18 May 2009 were EUR1,209,000 (2008: 
  EUR1,678,000) with the order book at EUR346,000. 
 
 
 
  *  The updated cash position of the Group as at 15 May 2009 was EUR0.7 million. As a 
  consequence of the actions taken to reduce overhead expenditure and headcount 
  levels, future cash expenditure has been considerably reduced. The cash balance 
  at the end of the month is expected to be EUR1.0 million. 
 
 
 
Chris Lee, Inion's CEO, said: "The early part of 2009 has been a very difficult 
and disappointing time for Inion as we have tried unsuccessfully to raise the 
funds needed to support our business strategy. This is a very frustrating 
situation given the operational progress the Company has made in the last 12 
months, particularly in the US. We are now exploring a range of options that 
will allow us to generate as much value as possible for our shareholders and 
will continue to update the market as appropriate." 
-ends- 
 
 
 
 
For further information, please contact: 
 
 
Inion Oy 
Chris Lee, Chief Executive Officer 
Julien Cotta, Chief Financial Officer 
Tel: [phone] 
 
 
Citigate Dewe Rogerson 
Mark Swallow / Helena Galilee / David Dible 
Tel: [phone] 
 
 
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 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 US, 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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