INION OY

EGM REQUISITION UPDATE

The Directors of Inion Oy (“Inion” or the “Company”), announces that further to its earlier announcement this morning, it has now received additional information as to the proposals that HealthCap, the requisitioning shareholder, plans to put forward at the upcoming EGM.

At the EGM, HealthCap intends to propose Göran Ando as new Board member, with the objective that he shall be elected Chairman. They have informed the Company that additional information regarding the complete proposal to create a new Board of Directors comprising new and current Directors will be communicated as soon as possible, and prior to the EGM. 

In communications earlier today HealthCap has indicated that they would seek to propose four new Non-Executives, Goran Ando, Seppo Luode, Tom Nyman and Jim Beerly. The Company is currently seeking to clarify whether this is still their final intention, and will inform shareholders when the full intentions of HealthCap are clear.

The Directors of Inion believe that implementing wholesale changes to the current Board is wholly unwarranted, and is not in the best interests of shareholders as a whole. The Board will be writing to all shareholders to set out the reasons why they believe these proposals are without merit and should be rejected.

 Enquiries:

 Inion Oy

Auvo Kaikkonen, Chief Executive Officer

Julien Cotta, Chief Financial Officer

 Tel: 01279 874 222

Citigate Dewe Rogerson

David Dible/Mark Swallow

Tel: 020 7638 9571