INION OY

EGM REQUISITION NOTICE

 The Directors of Inion Oy (the “Company”), a Finnish company focused on the development of novel biodegradable medical implants, announces that a requisition by HealthCap, a major shareholder owning in excess of 10% of Inion’s shares, was received by the Company on 29 May 2006, requiring the Board to send out notices calling an Extraordinary General Meeting (EGM) of the Company.

The EGM requisition proposes one or more changes to the Board of the Company.  Under Finnish law, HealthCap, as the requisitioning shareholder, is not required to provide details of the proposed changes or of its preferred Board candidates ahead of the EGM.  However, the Directors believe that it is in the best interests of all shareholders, in order for them to evaluate the extent and nature of the proposed changes, to have these details as soon as possible.   Accordingly, the Board is seeking further clarification of the proposed changes, which will be distributed to all shareholders once they have been received by the Company.

 Enquiries:

 Inion Oy

Auvo Kaikkonen, Chief Executive Officer

Julien Cotta, Chief Financial Officer

Tel: 01279 874 222