Inion Oyj - Changes board/management/auditors

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

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 Göran 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:                                        

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| Inion Oy                             | Tel: +44 (0)1483 685390               |
| Göran Ando, Chairman                 |                                       |
| Chris Lee, Chief Executive Officer   |                                       |
| Julien Cotta, Chief Financial        |                                       |
| Officer                              |                                       |
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| Citigate Dewe Rogerson               | Tel: +44 (0)207 638 9571              |
| Mark Swallow / David Dible           |                                       |
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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.