Tampere, Finland, November 26 (ots/PRNewswire)
- Inion, a
rapidly-growing medical device company that focuses on the
development and commercialisation of novel biodegradable implants for
the orthopaedic fixation market, today announces that it has
successfully completed its Initial Public Offering in connection with
listing on the London Stock Exchange. The shares being placed in the
IPO are being issued at 130 pence per share, giving the Company a
market capitalisation of approximately GBP90 million (EUR129 million)
immediately after the IPO.
Details of the Offering
- The offering comprises an aggregate of 25,384,615 shares, all of
which are new ordinary shares being issued by Inion, corresponding to
gross proceeds for the Company of approximately GBP33 million (EUR47
million) before expenses.
- The offering price of 130 pence per share is in the top half of
the indicative price range announced on 9 November of 113 pence to
136 pence per share. A total of 69,438,821 shares are expected to be
in issue immediately following the offering, corresponding to a
market capitalisation of the Company at the offering price of
approximately GBP90 million (EUR129 million).
- The IPO attracted a good geographic spread of investor interest
from a number of European countries and was more than 6 times covered
at the offering price.
- It is expected that the Company's ordinary shares will be
admitted to the Official List of the UK Listing Authority and that
trading will commence on the London Stock Exchange's market for
listed securities on 1 December 2004 under the ticker symbol IIN.L.
- In connection with the offering, Nomura International has been
granted an option by the Company to subscribe for up to an additional
3,807,692 new ordinary shares at the offering price to cover
over-allotments, if any, and to cover short positions arising from
stabilisation transactions. This over-allotment option will be
exercisable for a period of 30 days after the admission of the
ordinary shares to the Official List of the UK Listing Authority.
- Nomura International acted as bookrunning lead manager and
sponsor for the offering and the listing. Williams de Broë Plc acted
as co-lead manager.
Commenting on the announcement, Dr Auvo Kaikkonen, Chief Executive
Officer of Inion, said:
"We are delighted to have successfully completed our IPO and have
been very encouraged by the positive response received from the broad
range of institutional investors we have met as part of our IPO
marketing process. The funds raised will allow us to press ahead with
the commercialisation of our existing products, as well as continuing
the development of our new generation of implants that are designed
to promote faster bone healing. We believe that since the foundation
of the company less than five years ago we have already established a
track record of rapid growth and look forward with confidence to our
future as a listed company."
Inion is a Finnish medical device company that focuses on the
development and commercialisation of novel biodegradable polymer
implants for the orthopaedic fixation market. Inion has developed a
family of proprietary polymer blends from which it selects the most
appropriate material for each type of implant. These blends have been
specifically designed to be biodegradable - so that they provide the
required support to facilitate bone healing, but are gradually broken
down, naturally and completely, by the patient's body as they are no
longer required. By using a selected polymer blend for each type of
implant, the directors of Inion believe that Inion's products have a
number of potential advantages over existing predominantly metal
implants which either need to be left in place permanently, or
removed via costly follow-up surgery.
Since its incorporation in early 2000, Inion has developed and
launched a number of implants in four specific treatment areas:
craniomaxillofacial or CMF (face and jaw), dental surgery, sports
medicine and orthopaedic trauma. Inion is also developing a number of
other implants, including an additional range of products for spinal
indications that is in the final stages of development, and further
products within the four established treatment areas.
Since its foundation, Inion has pursued a four part strategy
designed to create value from its range of innovative orthopaedic
products and technologies:
- Develop and manufacture novel polymer implants to meet more
effectively the needs of surgeons, patients and healthcare providers.
- Systematically build the Group's brands by establishing a
reputation for reliability, innovation and responsiveness to market
demands among opinion-leading surgeons.
- Establish a high quality distribution network through strategic
partnerships with leading international orthopaedic companies and
well-known local agents.
- Develop and protect an extensive intellectual property portfolio
through an active and targeted patenting strategy.
Prior to the IPO, Inion's largest shareholders are HealthCap
(Swedish), BioFund (Finnish), Bank von Ernst (Swiss),
CapMan/Swedestart (Finnish/Swedish ) and POD Holding (Swedish/US).
Other existing shareholders include the Finnish institutional
investors Pohjola, Suomi and Tapiola.
Bone formation and healing are a complicated combination of
biological and mechanical processes. For example, they can be
enhanced by micro-movement at the site of a fracture and by an
appropriate amount of stress placed on it. As a result, the ideal
physical properties for an orthopaedic implant are different
depending on where the implant is to be used. Inion's family of
polymer blends, known as OPTIMATM, uses a group of raw materials that
have been used for many years in a variety of medical applications,
such as biodegradable sutures. These materials have already passed
through all the relevant regulatory processes, which allows Inion to
obtain product approvals in shorter times than would otherwise be the
case. By simple blending of carefully selected combinations of these
raw materials, together with the selection of specific manufacturing
and sterilisation methods, Inion is able to produce materials with
specific strength, malleability and biodegradation properties to
match the requirements of particular clinical situations.
Inion has also successfully completed pre-clinical studies to show
that implants made from OPTIMATM can be used to deliver certain
active compounds to the site of bone formation and healing. In these
studies, healing times were significantly reduced by adding small
quantities of a compound called N-Methyl Pyrolidone (NMP) to the
polymer blend. NMP has been used for many years as an excipient for
topical and parenteral drugs and so extensive data is already
available showing its safety in human use, added to which the
directors of Inion believe that this research has demonstrated for
the first time the potential value of NMP as a ''bioactive''
Since 2001, Inion has demonstrated the ability to commercialise
its technology by launching a range of products in four key areas:
Craniomaxillofacial The Compact Plating System or CPS (first
or CMF launched in 2001). CPS consists of plates,
meshes and screws made from the OPTIMATM
polymers that are used to maintain accurate
alignment of surgical and traumatic bone
fractures in the skull and jaw.
Dental surgery The Guided Tissue Regeneration/Guided Bone
Re-growth (GTR/GBR) Membrane (first launched
in 2001). This membrane is used to prevent
soft tissue from invading the sites of injury
to the jawbone where re-growth of slower
growing bone tissue is required, for example
to allow placement of dental implants.
Sports medicine HEXALON biodegradable screws (first launched
in 2002). These screws are used in surgical
repairs to the Anterior Cruciate Ligament
(ACL) in the knee. This range was expanded in
2003 by the launch of the TRINION
biodegradable screw for repairing tears to
the meniscus cartilage within the knee.
Orthopaedic trauma The Orthopaedic Trauma Plating System or OTPS
(first launched in 2003). OTPS consists of a
system of biodegradable plates and screws for
reconstructive surgery on the foot, hand,
ankle and wrist after traumatic breakage.
The implants in all key areas are complemented by proprietary
instrumentation, which is used by surgeons to perform the
Products in Development
Inion currently has a number of implants in development that use
its existing OPTIMATM technology, including:
- a biodegradable plating system for use in spinal fusion and
repair of certain fractures of the spine.
- implantable suture and tendon anchors for reconstruction of the
shoulder and knee joints, which will complement the current ACL and
meniscus repair products in the sports medicine range.
In addition, the group is also examining a number of potential
applications of its OPTIMATM/NMP technology, known as OPTIMAPLUSTM.
These include the addition of NMP to the full orthopaedic implant
range, making them bio-active as well as biodegradable.
These written materials are not for distribution in the United
States, Canada, Japan or Australia. The information contained herein
does not constitute an offer of securities for sale in the United
States, Canada, Japan or Australia. Securities may not be offered or
sold in the United States absent registration under the US Securities
Act of 1933, as amended, or an exemption therefrom. Inion has not and
does not intend to register any of its securities under US securities
law. Accordingly, the securities may not be offered or sold in the
United States unless they are registered or exempt from registration
under applicable law or in transactions that are exempt from
registration. The securities will not be offered or sold to the
public in the United States.
This announcement has been issued by Inion and is the sole
responsibility of Inion and has been approved solely for the purposes
of Section 21 of the Financial Services and Markets Act 2000 by
Nomura International plc of 1 St Martin's-le-Grand, London EC1A 4NP.
Nomura International plc, which is regulated in the United Kingdom by
the Financial Services Authority, is acting for Inion and no-one else
in connection with this matter and will not be responsible to any
other person for providing the protections afforded to clients of
Nomura International plc or for providing advice in relation to this
matter. Williams de Broë Plc, which is regulated in the United
Kingdom by the Financial Services Authority, is acting for Inion and
no-one else in connection with this matter and will not be
responsible to any other person for providing the protections
afforded to clients of Williams de Broë Plc or for providing advice
in relation to this matter.
This announcement does not constitute or form part of an offer, or
any solicitation of an offer, for securities and any purchase of or
application for shares in the placing should only be made on the
basis of information contained in the formal listing particulars to
be issued in connection with the placing and the listing. The price
and value of, and income from, shares may go down as well as up.
Persons needing advice in relation to any of the matters referred to
herein should consult a professional adviser.
For the purposes of illustration, an exchange rate of EUR1.43 to
GBP1.00 has been used to convert sterling amounts into Euros in this
ots Originaltext: Inion Ltd
Im Internet recherchierbar: http://www.newsaktuell.ch
Enquiries at: Inion Oy - Dr Auvo Kaikkonen, Chief Executive Officer
or Jari Kortesluoma, Chief Financial Officer, +358-3-230-6616,
. Nomura International - Steve Adkin or Jamie
Adams, +44-(0)20-7521-2000. Williams de Broë - Miikka Haromo,
+44-(0)20-7588-7511. Citigate Dewe Rogerson - David Dible/Mark