Inion receives Patent Grant for Biotech Application of a Genetically Modified Variant of Bone Morphogenetic Protein

First biotech patent resulting from programme to develop
next-generation bioactive biomaterials

Tampere, Finland and Takeley, UK. 30 March 2006…Inion [LSE: IIN.L], a Finnish company focused on the development of novel biodegradable medical implants, announces the granting of a patent covering a genetically modified form of the bone morphogenetic protein BMP-4, which prevents the abnormal formation of bone in extra-skeletal tissues. This patent (No. 116827) has been granted in Finland and is issued in the US.

Bone morphogenetic proteins (BMPs) are used to supplement bone graft material in many orthopaedic procedures, notably spinal fusions. The advantages are that BMPs promote bone growth and thus enhance and accelerate fusion.

This novel form of BMP, now patented by Inion, has the potential to be developed into a biological treatment modality for the treatment of a condition known as heterotopic ossification (HO), wherein bone forms spontaneously in non-bony tissues e.g. muscles. HO is observed in up to 50% of patients receiving spinal fusion surgery and as much as 71% of patients receiving total hip replacements.

Inion is exploring routes to market for this novel form of BMP, which may involve an out-licensing agreement to commercialise this intellectual property with an appropriate partner. There is significant market potential for a product that reduces the incidence of HO in a more cost-effective form.

Research on variant forms of BMP and their potential use in conjunction with Inion’s biodegradable medical implants is being conducted at Inion’s European Technical Centre in Cambridge, UK, as part of the Company’s strategy to develop third-generation bioactive and biodegradable materials platforms. 

Commenting on the patent, Inion’s CEO, Dr Auvo Kaikkonen, said. “This is an exciting development for us and takes us a step closer to realising Inion’s vision of improving patient outcomes through the use of novel osteobiological technologies discovered by Inion and developed either in-house or in partnership with other companies. We are in discussions with appropriate partners and are working towards concluding a suitable agreement in the near future.”

For further information, please contact:

About Inion
Inion Oy is a Finnish company that specializes in the development of biodegradable medical implants.

The Inion core expertise and technology lies in the design and manufacture of innovative biodegradable plates, screws, pins and membranes that are used to enhance the healing of skeletal injuries (bone and soft tissue), 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 has developed and launched products in five strategic business areas – cranio-maxillofacial surgery, orthopaedic trauma, sports medicine, dental surgery and most recently in the spinal implant area – in nearly 50 countries worldwide.

Inion was incorporated in early 2000 by an international team of experts in biodegradable materials and their clinical applications, and listed on the Official List of the UK Listing Authority in December 2004. The Company’s has operations in the UK, R&D and production facilities in Tampere, Finland, and a US office in Oklahoma City, OK.

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.