Inion Oyj - Company Announcement

Payment of Non-Executive Directors’ Fees in Shares

Inion Oy        
(“Inion or “the Company”)

Payment of Non-Executive Directors' Fees in Shares

Tampere, Finland and Guildford, UK. 12 November 2008…Inion [LSE: IIN.L], a      
company focused on the development of novel biodegradable medical implants,     
announces that its Non-Executive Directors have received Inion shares in lieu of
50% of their directors' fees in respect of the quarter ended 30 September 2008. 
This is part of a share-based payment scheme previously announced on 8 October  
2007.                                                                           

The share price used to calculate the number of shares issued to each Director  
was 8.75p, representing the closing mid-market share price on 30 September 2008,
the last working day of the third quarter of 2008.                              

Non-Executive       No. of ordinary   Share price Total          % of current
                                                  shareholding               
Director      shares of         EUR       (p)     following      issued share
                                                  issue                      
                   0.03 issued                                     capital   
                                                           1                 
Ian Paling            38,043             8.75p        40,128         0.05    
David                 42,857             8.75p       126,578         0.17    
Anderson                                                                     
Jim Beery             46,429             8.75p       137,127         0.18    
Peter Jensen          50,000             8.75p       147,674         0.19    
Markku Silén          46,429             8.75p       137,127         0.18    

1                                                                               
 This includes 2,085 shares which are held by Mr Paling as Trustee for the      
 beneficial ownership of connected persons.                                     

-Ends-

For further information, please contact:                        
Inion Oy                                 Tel: +44 (0)1483 685390
Chris Lee, Chief Executive Officer                              
Julien Cotta, Chief Financial Officer                           

Citigate Dewe Rogerson                      Tel: +44 (0)207 638 9571
Mark Swallow / Helena Galilee / 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.