Inion will raise 10 million euros in its new financial round [28.01.2004]

Inion Ltd, which specializes in innovative surgical applications of biomaterials, has closed its latest private placements financial round, the size of which is 10 million euros. It is an internal financial round, in which the present investors participate according to a pro prata principle.

The biggest owners of Inion Ltd. are the Swedish HealthCap, the Finnish BioFund, the Swiss Bank von Ernst, the Finnish-Swedish CapMan/Swedestart and the US-Nordic POD Holding. Other owners include the Finnish institution investors Pohjola, Suomi and Tapiola.

The purpose of the new financial round is the development and clinical research of technology patented by Inion, e.g. synthetic bioactive material and bioglass applications, as well as the launching of products in schedule to spinal surgery and arthrosis treatment.

“Closing the financial round will give Inion peace at work for the next year. During this time the net cash flow is likely to develop to a positive direction, and we believe that we will achieve profitability during 2005. So, the preconditions for organic growth according to our business plan exist now”, says Dr. Auvo Kaikkonen, CEO of Inion.

Inion Ltd.
Inion Ltd. is a private company founded in Tampere in 1999, that specializes in the development, manufacturing and marketing of innovative biomaterials and their surgical applications. The company launched product lines for applications of craniomaxillo-facial surgery in 2001, applications for dental and sports medicine in 2002 and orthopaedic trauma fixation in 2003, all based on Inion's patented Inion OPTIMA material family. Inion plans to broaden its product range in sports medicine, in orthopaedics, especially for the treatment of arthrosis and in spinal surgery with special implants created for the specified fixation purposes. In addition to the above mentioned projects, Inion conducts research and develops bioactive implants for applications of textural technology. Inion employs 75 people altogether in its location in Tampere and its sales companies in the United States and Great-Britain.

Contacts:
Auvo Kaikkonen, CEO
Lääkärinkatu 2
33520 Tampere
Finland
+358 3 2306612 (tel.)
+358 3 2306604 (fax)
auvo.kaikkonen@inion.com