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2009-03-19 08:05:00 CET 2009-03-19 08:09:05 CET REGULATED INFORMATION Inion Oyj - Company AnnouncementInion plans further cost reductionsInion 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 €200,000 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 Oy Chris Lee, Chief Executive Officer Julien Cotta, Chief Financial Officer Tel: +44 (0)1483 685390 Citigate Dewe Rogerson Mark Swallow / David Dible Tel: +44 (0)207 638 9571 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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