IIN Inion Oy

    RNS Number : 9506Y
  Inion Oy
  14 July 2008
   

    Inion Oy
    ("Inion or the "Company")

    Inion nominates Ian Paling, former CEO of Corin Group PLC,
    as Non-Executive Director and Chairman-elect

    Tampere, Finland and Guildford, UK. 14 July 2008, Inion (LSE: IIN.L), a company focused on the development and commercialisation of
novel biodegradable medical implants, is very pleased to announce the nomination of Mr Ian Paling to its Board of Directors as a
Non-Executive Director and Chairman-elect. Mr. Paling's election to the Board is subject to shareholder approval at the Company's EGM, which
is planned for 13 August 2008. The Board has agreed that immediately following shareholder approval on 13th August 2008 it will vote to
elect Mr. Paling Chairman to replace Dr. Goran Ando, who intends to step down from the Board at this time.

    Mr Paling (56) is a highly regarded businessman with more than 30 years' senior management and Board-level experience. Most recently, he
was CEO of Corin Group PLC (LSE: CRG), a world leader in the development, manufacture and distribution of a wide range of reconstructive
orthopaedic devices (2002-2007), and was previously Group Managing Director (1994-2002). During his time at Corin, Mr Paling was
instrumental in its growth from a small private business into an internationally recognised and successful player in the global orthopaedics
sector with a strong presence in most of the world's most important markets.

    Prior to this Mr Paling, who has a B.Sc. and M.Sc. in metallurgy, worked for ten years in senior management roles for several suppliers
of orthopaedic devices to industry.

    Mr Paling was awarded the Ernst & Young Entrepreneur of the Year Award for the Southern Region for 2006 and was voted LSE Mediscience
Chief Executive of the Year in 2008.

    Dr Gn Ando said: "I am delighted that Ian has agreed to take over as Chairman of Inion at this important stage of its development. He
has achieved a great deal in the orthopaedic sector in the past two decades and has the necessary skills, experience, contacts and quality
to guide and support the business through the next phase of its commercial development and to build on the solid foundation the Company has
laid during the past 18-24 months."  

    Ian Paling said: "Inion has undergone many important changes over the past two years and I believe is in an excellent position to
capitalise on the innovative technology and products it has developed. I am looking forward to working with the Company's Board and
management team and believe that my experiences in growing Corin and other companies will allow me to make a very positive contribution to
the future growth of this business."

    Chris Lee, Inion CEO, said: "We strongly believe that Inion has turned an important corner following a period of significant change that
saw the Company completely refocus and restructure itself in order to better leverage its unique biomaterial technologies to realise its
long-term value potential. Goran played a significant role in this process as well as bringing important discipline to the management of the
organisation and, on behalf of the management team and Board, I would like to thank him and wish him every success in the future with his
other business interests.

    I would also like to welcome Ian; he has an excellent reputation and knowledge of the sector and I look forward to working with him as
we seek to accelerate the new commercial strategy we have put in place."

    Mr Paling was appointed as a Non-Executive Director of Metalrax Group PLC (LSE: MRX) in April 2008 and is also a Non-Executive Director
of the private UK company Sphere Medical Holdings PLC.

    Inion confirms that no further information is disclosable in relation to the appointment of Ian Paling pursuant to the requirements of
Listing Rule 9.6.13.

    -ends-

    For further information, please contact:

 Inion Oy                   Tel: +44 (0)1483 685390
 Gn Ando, Chairman
 Chris Lee, Chief
 Executive Officer
 Julien Cotta, Chief
 Financial Officer

 Citigate Dewe Rogerson     Tel: +44 (0)207 638 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* 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.


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The company news service from the London Stock Exchange
 
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